Bitcoin exchange Bitstamp acquired by the Korbit owner
In yet another major deal in the crypto industry, one of the oldest cryptocurrency exchanges, Bitstamp, has been acquired by an investment company NXMN, owned by South Korean conglomerate NXC.
The deal was signed on October 25. The majority of stake went to NXC, with the minority ownership remaining with the CEO of Bitstamp, Nejc Kodrič. Additionally, Bitstamp backer, Pantera Capital, will still retain its 6% of the company. No further details have been disclosed as of yet, including the actual sale price.
NXC is not new to the industry, being the owner of the South Korean cryptocurrency exchange Korbit. It’s not yet known whether Bitstamp customers would see any adjustments in the platform after the acquisition. According to Kodrič, there wouldn’t be any ‘immediate changes,’ as the exchange has its own roadmap in place and will continue to develop according to it.
“We realized very early on that our outlook for the crypto industry is very much aligned with NXC,” he explained. “They’ve given us a lot of confidence that our execution will proceed … They understand the industry.”
Among the major improvements to look forward to, Kodrič named further bridging the gap between the traditional finance and crypto. He also emphasized that Bitstamp was essentially the first cryptocurrency exchange platform that started doing background checks of its customers before it became an industry standard.
“Bitstamp is one of the oldest and most-respected cryptocurrency exchanges and we see positive growth potential as the industry continues to evolve … We acquired Bitstamp because we see it as a strategic, long-term investment,” said NXMH investment manager Hendrik Ghys.
According to Bitstamp, after the acquisition the company will continue to focus on improving user experience, as well as customer services, trading functions and other operations, as well as securing trading environment. Kodrič has also promised to further mitigate customer impact in occasions when banks freeze crypto-related transactions for examining purposes – the issue that’s been widely experienced within the few recent months.