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THE INVESTOR
May 19, 2021

Market Now

Gamevil buys stake in local crypto exchange firm Coinone

  • PUBLISHED :April 19, 2021 - 17:58
  • UPDATED :April 19, 2021 - 17:58
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Game developer Gamevil's corporate logo (Gamevil)

Game developer Gamevil said on April 19 that it has acquired a 13 percent stake in local cryptocurrency exchange Coinone.

It spent some 31.19 billion won ($27.9 million) to acquire the 8,474 shares of the crypto exchange.

“The acquisition is aimed at finding new business opportunities in the crypto and blockchain sectors,” the company said in a regulatory filing.

With the investment, Gamevil will work together with Coinone to develop solutions that prevent hacking attempts and handle a massive amount of data traffic in an efficient manner. Coinone is the third-largest cryptocurrency exchange platform by transaction volume in Korea.

Gaming firms have been paying keen attention to crypto exchanges in recent months. There have been speculations that NXC, the holding company of gaming company Nexon, is considering acquiring shares of crypto exchange Bithumb.

By Kim Young-won (wone0102@heraldcorp.com)

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