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Blockchain news: Tencent may gain control over Bitstamp and Korbit crypto exchanges


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Reuters reported “Chinese gaming titan Tencent Holdings Ltd is considering a bid for the holding company that controls South Korean gaming company Nexon” according to some of their sources. The report also mentioned private equity firms are studying various options for a deal, including one which could take the listed company private.


Kim Jung-ju, co-founder of South Korea’s largest gaming company Nexon, is planning on selling an overwhelming 98.64% stake in Nexon’s holding firm NXC corp, as reported by Korea Economic Daily newspaper in the beginning of january. The report also claims the stakes are worth a whopping 10 trillion won ($8.9 billion).


The gaming company that acquired crypto exchanges


According to InWara’s M&A database, The Korean gaming giant has acquired two crypto-exchanges over two seperate deals.


Nexon (NXC) acquired South Korean crypto exchange platform Korbit in September of 2018. While NXMH, a family investment holding firm based in Brussels and a subsidiary of NXC, acquired Luxembourg based crypto exchange platform Bitstamp in October of 2018.


Nexon has acquired 65.19% of Korbit for approximately $80 million, at a valuation of just over $120 million. A spokesperson from NXC was quoted saying “NXC has been reviewing and investing in startups with digital idea and technology and this investment was made with our positive view on the growth cryptocurrency industry,”. This acquisition made headlines in South Korea, as it was first deal where a traditional Korean company stepped into crypto market space. Interestingly the country accounts for 40% of the global Ethereum trade despite ICOs being outlawed there.


NXMH acquired Bitstamp for an undisclosed cash consideration. Bitstamp hopes that this acquisition will help increase its chances of growth and may provide the opportunity to expand beyond Europe and into Asian markets.


Nejc Kodrič, the CEO of Bitstamp, said the reason for agreeing to sell Bitstamp was because of the shared vision between the two companies. Nejc Kodrič was quoted saying “Bitstamp has been regularly approached by suitors for quite some time. 


The reason why we finally decided to sell the company is a combination of the quality of the buyer, the quality of the offer and the fact that the industry is at a point where consolidation makes sense. A major factor in agreeing to the sale is that the mission, leadership and vision of the company remain the same.”


Top five cryptocurrency exchange by volume

blockchain news



Huobi,, BinanceBitfinex, Okex


According to InWara’s database the top five crypto exchanges have a combined exchange volume (7day) of $4,484 million.


Tencent leader in many domains, hasn’t stepped into crypto


Tencent has emerged a dominant player in many industries, It’s considered to be among the world’s largest gaming companies, technology conglomerates, social media giants, venture capital firms and investment corporations.


The behemoth is yet to make any inroads into crypto market space. Interestingly in China, ICOs were banned for all enterprises and individuals by People’s Bank of China. The central bank has also indicated that it will hold investigations on any company or individual found non compliant of its rules and will be held for criminal charges.


Number of cryptocurrency sales restrictions by country

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Download full 40 page Annual Report

According to InWara’s annual report USA led in the number of ICO sale restrictions, closely followed by China in 2018. The lack of legal framework and regulatory backing means this trend could continue in 2019.


Security Token Offering (STO) report


Annual Report 2018: ICOs, STOs and Blockchain companies in 2018




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