A South Korean Based Firm Purchases Crypto Exchange Bitstamp

Oct 29, 2018 at 23:00 Update Date :Feb 27, 2019 at 07:46 UTC

Bitstamp, a Luxembourg-based cryptocurrency Exchange now has been acquired by a Belgium-based investment firm NXMH that owns Korbit.

As per the reports, it was all cash deal. The firm Bitstamp isn’t disclosing the actual terms but from the reports and rumours, it is predicted to be around $400 million deal.

Nejc Kodric, founder of Bitstamp told a news agency Reuters that despite the major breakdowns in the crypto market, the firm still remains profitable. In 2016, the company was valued around $60 million, and as per the company, its transactions’ amount goes beyond $100 million every single day, which is making it the largest firm in the whole Europe.

NXMH, which invest in digital technologies, is the European subordinate of South Korea-based NXC. Korbit, South Korean exchange, is also owned by NXC. However, Bitstamp and Korbit, in future are going to operate independently.

Kodric further stated that the sale was not in the plan. There was no such effort to go and request buyers. Last year, the vibrant Industry ignited a spark of interest among buyers in order to make a step ahead in the industry. The firm was getting buyers in the middle of last year.

Although, despite having four interested buyers, Bitstamp preferred to go with NXMH only because it is allowing the exchange to work and operate as it is.

Pantera Capital Management LP, in 2014 made around $10 million investment in the company, has also sold a part of its stake in Bitstamp to NXMH.

Kodric took the opportunity to cash out most of his stake in the company and now he retains around 10% of the Bitstamp’s shares.

He ended his words by saying that the exchange was aligned already; they had the picture – where they see the industry and what the firm wants to be.

What more interesting thing about Bitstamp is – it is founded in 2011 by Kodric and Merlak, with just a server, few laptops, and thousand Euros capital.

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