One of the most important gaming companies in Asia and the world, Nexon, has reportedly bought Bitstamp, one of the oldest virtual currency exchanges in the world. According to Business Insider, the transaction was closed for $350 million dollars, as some sources related to the matter revealed.
Nexon Buys Crypto Exchange Bitstamp
The South Korean gaming company has decided to buy Bitstamp, one of the oldest and most important cryptocurrency exchanges available in the market. At the moment of writing, Bitstamp is the 10h cryptocurrency in the market by trading volume, managing $444 million dollars in the last 24 hours.
Almost 75% of its daily trading volume is focused on three pairs BTC/USD, ETH/USD, and XRP/USD.
Bitstamp has been founded in Slovenia in 2011 as the first crypto exchange in the world. Later in 2013 it moved to the United Kingdom so as to have better crypto-related regulations. But then in 2016, the exchange decided to move its operations to Luxembourg, one of the three capitals of the European Union.
At the moment, Bitstamp operates in all the 28 countries in the European Union because it was granted a license from the Luxembourgish government. That means that the exchange is fully regulated according to the EU and is able to perform business operations in all the 28 member states of the EU.
Apparently, Nexon’s main intention is to integrate their gaming division with the crypto space. The company is one of the most important gaming companies around the world. It seems that they ware searching for a way to integrate their gaming profile with the virtual currency market in a profitable way.
South Koreans are very interested in cryptocurrencies, something that can be demonstrated by the trading volume in the country. After the United States and Japan, South Korea is the third most active country in the crypto market. Why not to integrate gaming services to virtual currencies? Could that mean that Nexon will have higher returns? What would happen with the regulatory authorities in South Korea? How would they regulate this acquisition?
Image: Massively Overpowered