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Nexon Korea CEO Denies Rumors of Acquiring Bitstamp for $350 Million

Last Updated March 4, 2021 5:06 PM
Claire Williamson
Last Updated March 4, 2021 5:06 PM

Video game company, Nexon Korea ’s CEO, Lee Jung-hun has issued a statement in a press conference denying the rumors of a Bitstamp acquisition.

The rumors, which hit the headlines yesterday, suggested the oldest bitcoin exchange was up for sale and that the South Korean gaming company was the frontrunner for acquiring it. According to the reports, ‘people with knowledge’ said the price being discussed was around $350 million.

However, during a press conference held at Nexon Korea’s headquarters, CEO, Lee Jung-hun said: “Nexon Korea does not have anything to do with a Bitstamp acquisition,”.

He added, “We do not have any plans to link cryptocurrencies with our game business.”

Lee Jung-hun became CEO of the gaming company worth approximately $13 billion, in January. Yesterday’s press conference was his first since stepping into his role. During the conference, he shared his vision and direction for the gaming company that was founded in Seoul, South Korea.

With an estimated 3 million registered accounts and 500,000 active trading accounts, Luxembourg-based Bitstamp is the world’s 13th biggest exchange and the only fully licensed cryptocurrency exchange in Europe. It was founded in 2011 and became the world’s oldest exchange when China-based BTCC closed following a cryptocurrency trading platform ban in the country.

Nexon, which released its first game in 1995, now employs close to 6,000 people and has developed the Korean and Japanese versions of high-profile PC and mobile games such as Counter-Strike and FIFA Online.

Corporates into Cryptocurrency Exchanges

Although Nexon’s most recent acquisition rumours have been quashed, the news would not have been the first of its kind. Other announcements have been made by Asian businesses moving into the cryptocurrency sector.

In March, local sources reported that Yahoo Japan was preparing to launch a cryptocurrency exchange and in April, a major Japanese brokerage confirmed its foray into the sector. Nexon itself is owned by NXC Corporation, headquartered in Japan, which last year bought a controlling 65 percent stake in the Korean crypto exchange, Korbit.

Featured image from Shutterstock.