NXC Takes Over Bitstamp Based in Luxembourg

Nexon's holding company, NXC, has acquired Bitstamp, a virtual currency exchange based in Luxembourg.

Nexon's holding company, NXC, has acquired Bitstamp, a virtual currency exchange based in Luxembourg. This is NXC’s second acquisition of a cryptocurrency exchange following Korbit, a South Korean virtual currency exchange, last year.

According to foreign media and domestic industry sources on Oct. 30, NXC acquired 80 percent of Bitstamp on Oct. 25 through NXMH, an investment company that NXC established in Belgium.

Bitstamp CEO Nejc Kodric holds a small amount of shares and continues to operate the cryptocurrency exchange. Both companies did not disclose the terms of the deal.

Founded in 2011, Bitstamp is Europe's only licensed virtual currency exchange with a daily turnover of around $100 million.

NXC will enter the European virtual currency market through this acquisition. It plans to operate Korbit, one of the three major virtual currency exchanges in Korea, and Bitstamp separately.

"Korbit and Bitstamp will produce synergy in various fields including technology, research and development," Bitstamp said in a press release released on Oct. 29 (local time).

NXC said that it does not plan to link Nexon's business with virtual currencies immediately and that it does not have any policy to take over other virtual currency exchanges.

"Virtual currency exchanges are the basis for future businesses related to blockchain." said a representative for NXC. “Our acquisition of Bitstamp is meaningful as it is the most trusted cryptocurrency exchanges in Europe.”

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