South Korea based NXC are the new owners of Bitstamp Exchange, one of the oldest Bitcoin exchange platform. The deal was sealed in December 2017 making NXMH Holdings investment firm based in Belgium the new owners. The latter is a subsidiary of South Korea’s NXC parent company Korbit exchange.
Although the minute details of the deal aren’t in the public domain, it’s rumored that NXMH Holdings forked out $400 million for the purchase. Bitstamp was established in 2011, but over the years its co-founders propelled it to its current 40 spot on CoinMarket Top 100 cryptocurrency exchanges. Furthermore, it has a 24-hour trading volume of over $69 million.
According to Nejc Kodrič, one of Bitstamp co-founders over the years, different buyers have approached them to buy Bitstamp. But NXMH is the only firm whose bid was accepted. He explained further and said;-
“The main factor that led to us selling the exchange was the vision, leadership, and mission all remain the same. Furthermore, the combination of the quality of the offer from the buyer, the quality of the buyer and the fact that the crypto industry is at a point where consolidation makes sense were the main factors.”
Further on while releasing the acquisition details, Kodric told Fortune there were four bidders, but NXMH Holdings won the bid.
Under NXMH Nothing Changes
Although mergers come with a lot of changes for Bitstamp and NXMH they are taking a different approach. According to its Kodric Bitstamp CEO, “It will be business as usual, Bitstamp will remain Bitstamp. We agreed that there is no need of changing something that is working perfectly.”
While addressing customer concerns, Kodirc assured customers the two firms will only be sharing technology, but no merging will take place. He explained further and said;-
“To our esteemed customers there will be no changes to your accounts Bistamp will remain Bitstamp and business will continue as usual. We will continue to be innovative to improve our services and give you the best trading platform. Through the merger, we expect to strengthen our growth while improving our services.”
On the other hand, the employees also have nothing to worry about since everything will remain the same. Kodric remains the CEO with a 10% stake in Bistamp. With the industry accepting cryptocurrency and blockchain firms the companies are getting real valuation figures. With the right numbers in their hands, the entrepreneurs are looking to cash out on their equity in their ventures.