Acquisitions

Bitstamp, one of the World’s Largest Crypto Exchanges has just been sold

Such is the world of cryptocurrency that it is always buzzing with actions and events. Now the latest news coming from the virtual currency world is that one of the world’s largest cryptocurrency exchanges – Bitstamp – has been sold out. Bitsmap, which is based in Luxemburg, has been sold to Belgium based investment firm NXMH for undisclosed amount.

To put things more in perspective, NXMH is owned by its South Korean parent company NXC. NXC’s interest in buying out Bitstamp may have been borne by the fact that it already operates crypto exchange ‘Korbit’ in South Korea.

Luxemburg based crypto exchange Bitstamp has been acquired by South Korean Group NXC

It is important to note that Bitstamp’s founder Nejc Kodrič will still maintain a minority stake and continue to overlook company’s operations. Besides, Bitstamp’s backer Pantera Capital will also retain 6% stake in the company.

In case if many of you are not aware, Kodrič had principally agreed to sell his company to NXMH in December last year itself. This was the time when Bitcoin prices were skyrocketing, a good enough reason to convince Kodric that this may be the best time to sell his company.

However, Kodrič’s decision to sell his company, which has largely remained profitable during its lifetime, may have come as a surprise for many people. The continuous regulatory clampdowns on cryptocurrency exchanges and transactions may have propelled the young entrepreneur to settle for a sale out. We all know that most of world’s leading economies have depicted cryptocurrency as a major villain and have led a single-minded raid against it.

To refresh people’s memory a bit, I would like to remind that Bitstamp was founded by Kodrič in 2011 with a very meager capital. However, over the years Kodrič’s exchange emerged as one of the most respectable and largest crypto exchanges in the world. It had raised $14 Mn from U.S-based Pantera capital and also employs nearly 100 people.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top