It’s not exactly a secret, but Bitstamp has been slipping down the crypto exchange rankings as of late. Based in Luxemburg, it was ranked sixteenth on CoinMarketCap for 24-hour trading volume, having traded approximately $240 million at time of writing. While that figure certainly sounds huge, when you consider that the likes of BitMEX, Binance, Bittrex, and Kraken have trading figures that dwarf Bitstamp, it puts things into perspective. Considering that it could soon drop out of the top twenty, rumors have swirled that Bitstamp is up for sale.
Up for grabs
Any potential sale of Bitstamp could cause a seismic shift in the crypto exchange landscape, with it being discussed that video game developer Nexon Korea was an interested party. It was even reported that talks could soon start between Nexon Korea and Bitstamp regarding a buyout. However, it appears that these reports are nothing but conjecture, as the company – via The Korean Herald – has flat out denied any interest in purchasing Bitstamp.
The price is right
The rumors of a Bitstamp sale have been pushed by Business Insider, with the publication even addressing the numbers being discussed. According to a recent article, the deal would cost Nexon Korea an estimated $350 million. Considering that before this there was interest from an unnamed South Korean investor at a price of $400 million, Bitstamp is certainly willing to lower its company valuation in order to find a buyer.
No formal interest
Putting the rumors to bed, Lee Jung-hun (Nexon Korea CEO) said, “Nexon Korea does not have anything to do with a Bitstamp acquisition. We do not have any plans to link cryptocurrencies with our game business.” While some might say that this is a smokescreen, it does seem pretty clear to us that Nexon Korea is ruling itself out of a Bitstamp acquisition.
Nexon Korea makes it crystal clear
Founded in South Korea, Nexon Korea has become one of the fastest growing video game development companies in the world. Now housed in Tokyo, Japan, the fact that current owner NXC Corporation last year purchased a 65.19% stake in Korean cryptocurrency exchange Korbit, people assumed that a Bitstamp deal was on the horizon. Lee Jung-hun has also fed into the rumors by praising the potential of Blockchain technology for game development.
Nexon Korea acquiring Bitstamp certainly presented a deal that made sense, but it now appears that it was little more than rumor. For Bitstamp, the search for a buyer continues.