Bitstamp Sold to a South Korean Investment Firm
Bitstamp, the Luxembourg based cryptocurrency exchange and one of the world’s largest exchanges has been sold in an all-cash deal to a Belgium based investment firm, NXMH for an undisclosed figure. With the new acquisition, BitStamp CEO will retain a 10 percent share of the company while the new owners, NXMH would have the majority 80 percent stake.
Details are yet to filter out but Bitstamp is reportedly printing daily turnovers of around $100 million. Additionally, it has a strong wide European user base thanks to its strategic position as Mt Gox’s alternative. At the time of acquisition, the world’s respected exchange had 3 million users and Pantera Capital Management LP, the initial investors of Bitstamp sold part of their stake.
Nejc Kodrič, the exchange’s CEO said the deal did go through on Thursday, Oct 25. The new owners have over $2 billion in administration and are the European subsidiary of NXC. NXC are serial investors of emerging technologies. Apart from Bitstamp, they are owners of Korbit another South Korean cryptocurrency exchange with decent trading volumes. Korbit is the first South Korean exchange to offer Bitcoin-South Korean Won (BTC/KRW) trading pair.
Coinbase is now worth more than all but three cryptocurrencies
With its shiny new $8 billion valuation, Coinbase is now worth more than all but the top three cryptocurrencies that trade on the platform.
That’s right, the only cryptocurrency assets that are worth more than the platform that trades them are Bitcoin, Ethereum and Ripple. Bitcoin Cash, the currency forked from Bitcoin, is a distant fourth in valuation at $7.3 billion.