April 23, 2024

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[THE INVESTOR] European cryptocurrency exchange Bitstamp said on Oct. 30 it has been acquired by NXMH, an investment firm owned by Seoul-based NXC, holding company of game giant Nexon. 

The firms declined to disclose terms of the deal, which was signed last week. NXMH will secure 80 percent stake in the exchange, while co-founder and CEO Nejc Kodric will retain his 10 percent shares and leadership. Pantera Capital Management, which invested US$10 million in the exchange in 2014, will keep around 6 percent ownership. 

“Bitstamp is one of the oldest and most-respected cryptocurrency exchanges and we see positive growth potential as the industry continues to evolve,” said Hendrik Ghys, investment manager at NXMH. “We acquired Bitstamp because we see it as a strategic and long-term investment.”

Belgium-based NXMH, with assets under management of more than 2 billion euros (US$2.27 billion), invests in digital technologies. Its parent firm NXC bought Seoul-based cryptocurrency exchange Korbit last year for US$80 million. Bitstamp and Korbit will continue to operate independently, according to the firms, but the two exchanges plan on generating synergies in a number of areas, including technology, research and development. 

“NXMH shares our vision for the future of digital currencies,” said Kodric. “We see cryptocurrencies continuing to become more mainstream and a part of people’s everyday lives, as well as growing at the institutional level as the gap between digital and traditional financial worlds keeps shrinking. NXMH’s acquisition of Bitstamp supports our strategic growth initiatives.”

Luxembourg-based Bitstamp, established in 2011, is the largest cryptocurrency exchange in the European Union by volume, boasting more than 3 million registered users.

By Ahn Sung-mi (sahn@heraldcorp.com)