Gaming Company Nexon Purchases South Korean Bitcoin Exchange Korbit

Nexon KorbitGaming organization Nexon has obtained a 65 percent stake in South Korean Bitcoin exchange Korbit for US$80 million at a valuation of over US$150 million, reports South Korea’s driving business news production Hankyung, refering to anonymous industry sources. Nexon, the biggest diversion designer in Korea, officially enters the virtual currency market with the procurement of Korbit, one of the three biggest virtual cash trades in Korea. It is the primary merger and procurement case in the business.

Nexon is a multi-billion-dollar company headquartered in Japan with a holding organization in South Korea called NXC. It is the greatest designer of games in South Korea, and furthermore has a US base. Korbit, on the other hand, is one of the main trades for exchanging both bitcoin and ethereum. Speculators in the trade incorporate very rich person VC Tim Draper and South Korea’s biggest broadcast communications aggregate SK Telecom.

Nexon NXC

The arrangement is a lift to the digital currency showcase which has gone under a cloud with China’s restriction on ICOs and investigation of trades. In spite of the turmoil in China, which brought bitcoin rates down from their record high toward the begin of the month, enthusiasm for digital currency exchange and ICOs (initial coin offerings) keeps on ascending over Asia. Thai installments organization Omise saw the US$25 million OMG tokens it discharged in July rise 40 times in an incentive to US$1 billion before the finish of August to wind up plainly an ICO unicorn.

Since its initiation, Kobit has gotten an affection call from an outstanding funding firm and reported its name. Tim Draper, a worldwide financial speculator who raised Skype Tesla, and Nabalabi Kant, the best investor in Silicon Valley, are early investors in the organization. Korea Investment Partners and Softbank Ventures Korea put resources into Korea. Up to now, the size of speculation fascination is around 10 billion won.

Nexon decided to acquire Korbit in order to diversify its business. It is the analysis that virtual currency and related transaction based on the blockchain technology will continue to grow. The sale of Korbit is the first large-scale M & A record in domestic virtual currency related companies.

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