Facebook X (Twitter) LinkedIn Telegram
    • About
    • Advertise
    • Submit Press Release
    • Contact
    Facebook X (Twitter) LinkedIn Telegram
    BlockonomiBlockonomi
    • Prices
      • All Coins
      • Bitcoin Price
      • Ethereum Price
      • Ripple Price
      • EOS Price
      • Litecoin Price
      • Monero Price
      • Binance Coin Price
      • Bitcoin Cash Price
      • Chainlink Price
      • Cardano Price
      • Stellar Price
      • Tron Price
    • Sections
      • All
      • Analysis
      • Bitcoin
      • Ethereum
      • Education
      • Trading
      • Buying
      • DeFi
      • NFTs
      • Metaverse
      • Exchanges
      • Brokers
      • Guides
      • Gaming
      • Privacy
      • Business
      • Finance
      • Fintech
      • Regulation
      • Security
    • Claim Free Crypto!
    • Gamble With Crypto!
    • Easily Buy Crypto!
    Home / About / Advertise / Submit Press Release
    BlockonomiBlockonomi
    News

    Bitstamp Acquired by South Korean Gaming Firm NXMH

    Nick MarinoffBy Nick MarinoffOctober 30, 2018No Comments4 Mins Read
    Telegram Twitter LinkedIn WhatsApp Facebook Email
    Bitstamp Review
    Share
    Facebook Twitter LinkedIn Email Telegram WhatsApp

    Bitstamp – one of the biggest and most popular cryptocurrency exchanges in the world – has been purchased by Belgium-based investment company NXMH.

    Though Bitstamp’s chief executive officer Nejc Kodric refused to go into detail regarding how much the company was purchased for, it is estimated that Bitstamp is worth approximately $60 million at the time of writing – roughly $21 million more than where it was valued in 2014. It is the largest digital currency exchange by volume in the European Union and boasts a turnover of approximately $100 million a day.

    Bitstamp Review

    NXMH currently manages over two billion euros for its clients. It is the European subsidy of NXC, a South Korean venture that invests in gaming and digital technologies. It also owns the South Korean digital currency exchange Korbit, which will operate independently from Bitstamp despite being owned by the same parent company. At one point, however, those in charge discussed the notion of merging both ventures into one large business.

    Sharing Is Caring

    Table of Contents

    • Sharing Is Caring
    • What Makes NXMH So Special?
    • A Lot of Money at Stake
    • Win a Little, Lose a Little

    Kodric say that the companies will be sharing technology, along with research and development resources. In a statement, Kodric explained to reporters:

    “The sale wasn’t planned. There was no active effort to go around and solicit buyers. The vibrant industry last year sparked potential interest from buyers to make a footprint in the industry. We started to get approached by buyers in the middle of last year.”

    What Makes NXMH So Special?

    Bitstamp had four interested buyers, but ultimately went with NXMH after it promised that the Luxembourg-based exchange could operate as it is. NXHM now possesses an 80 percent stake in Bitstamp, while Kodric retains ten percent ownership and will continue his duties as CEO.

    In addition, nothing will change for the exchange’s 180+ employees, who will all remain on board throughout the merger and beyond. Kodric – expressing an “if it ain’t broke, don’t fix it” type of attitude, states:

    “We have kind of the same opinion as NXMH. Why change something if it works perfectly well?”

    A Lot of Money at Stake

    Pantera Capital Mangement LP – which recently made a $10 million investment in Bitstamp roughly four years ago – also sold part of its stake to NXMH.

    Bitstamp was founded in August of 2011 by Kodric and his business partner Damian Merlak, who later sold his entire 30 percent stake and has not taken an active role in the company since 2015. The venture was first based out of a garage in Slovenia with just a few laptops, a server, and about 1,000 euros in capital.

    Kodric says:

    “We were not looking to sell. We were not looking for investments because we didn’t need to raise the capital. However, we [Bitstamp and NXMH] were very much aligned – where we see the industry going and what the company wants to be. They’re willing to help us along the way and help us with our global expansion.”

    Win a Little, Lose a Little

    Unfortunately, Bitstamp – like most crypto exchanges – has suffered deeply due to the general declines in both crypto prices and public interest. Kodric explains that Bitstamp’s trading volume has been down roughly 60 or 70 percent since December of last year but explains that the company has ultimately remained profitable “since day one” thanks to cryptocurrency prices being considerably higher than they were during the first half of 2017. The company boasts approximately three million registered customers, though it’s unclear how many are fully active.

    Recently, the company made headlines when Emma – a U.K. money management app – announced that it would be supporting several cryptocurrency exchanges, one of them being Bitstamp. In addition, the app would also provide support for users of Coinbase, Kraken, Bittrex and others.

    Advertise Here
    Nick Marinoff

    Nick Marinoff has been covering cryptocurrency since 2014. He has served as a lead content writer and news editor for Money & Tech; a public relations writer for Game Credits, and a senior writer for both Bitcoinist and News BTC.

    Related Posts

    Algorand’s Python Integration Set to Transform Blockchain App Development Forever

    December 8, 2023

    EOS Network – An Enterprise-Grade Blockchain Operating System

    November 29, 2023

    Former OneCoin Compliance Chief Pleads Guilty to Fraud and Money Laundering

    November 10, 2023

    Comments are closed.

    Coinbase Earn
    Advertise Here
    Gambling
    • mBit Casino
      VisitReview
    • BC Game
      VisitReview
    • Duelbits
      VisitReview
    • BitcoinCasino
      VisitReview
    • FortuneJack
      VisitReview
    • 1xBit
      VisitReview
    Exchanges
    • KuCoin
      VisitReview
    • Coinbase
      VisitReview
    • Binance
      VisitReview
    • PrimeXBT
      VisitReview
    Koinly
    Advertise Here
    Trading Bots
    • 3Commas
      VisitReview
    • Cryptohopper
      VisitReview
    • CoinRule
      VisitReview
    3commas Trading Bot
    Advertise Here
    All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.
    Blockonomi™ Copyright © 2017 - 2023 Kooc Media Ltd. All rights reserved. Registered Company No.05695741
    Network: Moneycheck - Finance News / Beanstalk - NFT & Metaverse News
    • About
    • Contact
    • Deals
    • Advertise
    • Privacy Policy
    • Terms & Conditions

    Type above and press Enter to search. Press Esc to cancel.