Belgian investment firm NXMH acquires Bitstamp.
October 30, 2018 8:53 am,
Bitstamp is a UK based largest Crypto exchange in the European Union which is acquired by NXMH which is a subsidiary of South Korea based Nexon (NXC). The price of the deal is $400 million apparently.
Bitstamp has a trading volume of approximately $45 million. This new merger signifies a shift in the Blockchain industry during a year in which market prices and trading volumes have plummeted.
There are three reasons for which Bitstamp select NXMH as acquirer:-
- Quality of Buyer
- Quality of Offer
- The industry is at a point where consolidation makes sense.
In this deal, NXMH is acquiring 80% stake while Bitstamp has only 10% of it. Bitstamp will gain access to the deep pockets of NXMH which has AUM of EUR 2 billion. NXMH investment approach focuses on China, Korea, and Japan.
This acquisition will strengthen Bitstamp’s positioning for growth and it will provide opportunities to serve customers in a better way. It will bridge the gap between traditional finance and Crypto. It will generate synergies in a number of areas, including technology, research, and development.
Bitstamp is the Luxembourg based Cryptocurrency exchange founded in 2012. It allows users to trade for virtual currency including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and XRP. Bitstamp is one of the longest running online Cryptocurrency exchange in existence.
NXMH is a Belgium based investment company. It is a Subsidiary of South Korea’s NXC Corporation which owns video games Company Nexon, as well as Korbit, a South Korean Cryptocurrency exchange.