South Korean Gaming Giant in talks to buy Cryptocurrency Exchange Bitstamp
Consolidation within the cryptocurrency space continues!
In news out this morning it was revealed that Bitstamp is up for sale, and it appears that gaming giant Nexon is in pole position to acquire it.
If you recall, Nexon also purchased another cryptocurrency exchange late last year in the form of Korbit for roughly $80 million.
Some of the details on that deal can be found here:
https://www.techinasia.com/japanese-gaming-giant-nexon-buys-south-korean-bitcoin-exchange-korbit
The terms of this deal with Bitstamp are not completely known at this time, but the rumored purchase price is around $350 million.
Some points of interest:
Bitstamp is one of the largest and one of oldest bitcoin exchanges in existence.
With the purchase it would appear that Nexon is looking to enter the cryptocurrency space in a big way, and possibly do some kind of integration with their gaming division, though that is purely speculation on my part.
Oh and by the way, Nexon is a $10 billion dollar company.
More about the news can be found here:
More good news on the horizon?
If we didn't have enough good news already with the price increases today across the board, check out this poll released by Fundstrat Global Advisors:
(Source: https://twitter.com/fundstrat/status/988817606604881920)
The poll was conducted by Fundstrat among a small group of institutional investors and hedge funds.
The key takeaways were circled in red.
The biggest one being that investing professionals seem to think that bitcoin has bottomed for the year and likely finishes 2018 between $10,000 and $20,000 per coin.
Oh, and they also think that John McAfee will ultimately lose his bet, though the results were close on that one. :)
Stay informed my friends.
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love Bitstamp. this would be big
Let’s pool our funds and start buying crypto exchanges. We’ll be as big as NEXON in just under 1,200 years 🤑🤓🤑
Which one should we buy first?
we are in the best moment, the revolution of the crypts., will change the world, unstoppable., then, the government has to accept, the innovation of these digital currencies. this giant is getting stronger every day, win or lose, I see a future not too distant, paper money, obsolete, thank you for sharing such an interesting publication, I follow you and I support you daily.
Gaming giant is probably not big enough to bribe the government into legalization or at least ignoring cyptocurrencies.
If it was a banking giant or even an industrial or HiTech giant would have been a different story.
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With coinbase making roughly $1 bn in revenues last year, and how fast binance has grown, its not surprising that everyone is getting interest in owning a piece in crypto in some form. Ideally i would have expected a deal like goldman backed circle acquiring poloneix but i think crypto interest in korea is at another level.
Great news indeed and insightful post. Keep them coming. Resteeming.
Crypto exchanges are now making more money that traditional exchanges that deal in stocks and bonds etc. How long do you think that will last before the traditional players want a piece of the action?
I am very surprised, existing exchanges havent invested in crypto exchanges till now through a VC arm. Possibly waiting for regulatory clearance.
It will be interesting to see what happens first. London Stock exchange or NYSE buying a crypto exchange OR decentralized crypto exchanges.
On one side, I really do want him to see loosing his bet, but on the other side (selfish as I am) I really, really, really want him to see him winning his bet!
As someone once said, the perfect outcome would be for bitcoin to get to $999,999 by the end of 2020. :)
I could life with that!
Good post. Another interesting point is number 7. They are interested in crypto for a variety of reasons. That makes me optimistic about the adoption of a wider variety of coins.
Thank you for talking about NEXON.
There are a lot of interesting about cryptocurrency and blockchain in Korea.
So many company come into this industry.
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Agreed. Are you familiar with Nexon?
Sir,
Bitstamp is my most trusted exchanger since 2013, fully licenced in Luxemburg, the only one where I feel comfortable to leave some value for some time.
Mt-Gox was gaming industry, see what happened!
I wish Bitstamp to remain independent.
Bitcoin is not a casino
This time original 😊
Splendid post indeed.
But do you know??
South Korea 🇰🇷 Premium is Back as a result Crypto Market Climbs💸 to $385💰Billion. Cryptocurrency market expanded in an incentive from $324 billion to $385 billion, as the bitcoin cost expanded from $8,000 to $8,800 and other real cryptographic forms of money likewise recorded picks up in the 10 to 20 percent run.
The world’s oldest bitcoin exchange Bitstamp is for sale. As per reports, South Korean’s gaming company claims to finalize the deal to purchase the exchange. According to few people, the price is estimated at $350 million. Bitstamp is the oldest bitcoin exchange and is the licensed exchange in Europe.
Source of info is: coinpedia.org