Tuesday, November 29, 2022

Bitcoin Exchange Bitstamp Acquired by Belgian based Investment Firm NXMH in All-Cash Deal

Bitstamp, one of the oldest and largest Bitcoin exchanges, has been acquired by Belgium investment firm NXMH.

Fortune reported that NXMH located in Brussels bought an 80 percent ownership stake in the Luxembourg-based Cryptocurrency Exchange, which was launched in 2011, shortly after the first “Bitcoin Bubble” drove the bitcoin price up as high as $31 and then back down to $2.

The terms of this agreement were not disclosed, however, earlier this year, the rumors were spread that the Cryptocurrency Exchange – which was launched from the garage in Slovenia – only with 1,000 euros in capital – was seeking as much as $400 million And was in the final stage of joining an agreement with the South Korean investment firm.

While NXMH is headquartered in Belgium, not South Korea, it is a subsidiary of NXC, a South Korean technology investment firm, which also owns regional cryptocurrency exchange giant Corbett. In April, NXC refused reports that the firm had obtained a Bitstamp for $ 350 million.

Bitstamp co-founder and CEO Nejc Kodrič told Reuters that there were four interested suites in the exchange but chose NXMH because they were willing to allow bitcoin exchange – the largest in the European Union – to continue operations as an independent entity. He said that the firm and Korbit “talked about the merger” but decided to remain separate. As a result, he said that neither the businessmen nor the 180 employees of the company should notice any significant changes.

“Last year, the vibrant industry gave birth to potential interests to make buyers a footprint in the industry. We started contacting buyers in the middle of last year,” he said. During an interview with Fortune, he said, “We were not looking to sell.” He added, “We were definitely not looking for investment because we did not need to raise the capital.”

Read – WePower become the first Blockchain Firm to Tokenize an Entire Grid

Kodrič said that he has retained 10 percent ownership stake in the exchange, and expressed further confidence that aligning with NXMH would help Bitstamp because it wants to expand its operations.

They said, “We were very coalitions – where we look at the industry and what the company wants to be.” “They are ready to help us on the way, and help us with our global expansion.”

Cryptocurrency Hedge Fund, Pantera Capital, which invested $ 10 million in Bitstamp in 2014, sold a portion of its stake to NXMH but maintained some interest in the exchange.

Jason Goldberg
Jason Mainly Works For The Crypto Community And Helps Teams In ICO Trading Industry. He Loves To Share His Total Work Experience With Readers To Educate Them About Latest Trends In ICO Coins. To get in touch with Jason for news reports he published you can email him on Jason@nationaltimes.in or reach him out in social media linked below.

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