Nexon Korea Denies It’s Acquiring Crypto Exchange Bitstamp

Nexon Korea has denied reports that the $13 billion gaming firm is acquiring cryptocurrency exchange Bitstamp.

According to a report in the Korea Herald, Nexon Korea CEO Lee Jung-hun on Wednesday said that the company is not involved in discussions to acquire Bitstamp, the world’s 10th-largest cryptocurrency exchange in terms of daily trading volume.

“Nexon Korea does not have anything to do with a Bitstamp acquisition,” Lee said during a press conference held at the company’s headquarters in Pangyo.

“We do not have any plans to link cryptocurrencies with our game business,” he added while clarifying that the firm has not ruled out using blockchain technology within its games.

As BlockExplorer reported, sources familiar with the matter had said that Nexon would acquire the Luxembourg-based Bitstamp — the world’s largest-surviving cryptocurrency exchange — for $350 million.

The news was first reported by Business Insider, though rumors had circulated for months that Korean investors were in talks to purchase the firm, which is Europe’s only licensed cryptocurrency exchange and one of a small number of platforms that offer fiat trading pairs.

It’s notable, however, that Lee specified in his remarks that “Nexon Korea” is not acquiring Bitstamp. Though founded in South Korea in 1994, the firm’s global headquarters are now located in Tokyo, and the original report had attributed the purchase to Nexon Japan.

Consequently, it’s possible that the firm is still in talks to acquire Bitstamp, even if its Korean division is not involved in those discussions and would not manage the exchange after it was purchased.

NXC Corp. — Nexon’s parent company — already owns a majority stake in South Korean cryptocurrency exchange Korbit, which it acquired last year at a $150 million valuation. At one time, the exchange was the country’s second-largest cryptocurrency exchange, though it has since been usurped by other platforms.

Featured Image from Pixabay

David Murray

David has been following the development of cryptocurrency technology for several years, and he is optimistic about its potential to democratize the financial system.

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