One of the oldest and largest Bitcoin exchanges in the world has been acquired by NXMH, an investment firm based in Belgium.
Previous Rumours Of Impending Acquisition
According to reports by Fortune, NXMH which has its offices in Brussels has officially acquired the majority controlling stake at Bitstamp, 80 percent, in a deal that was made in all cash. Bitstamp is a Bitcoin Crypto exchange based in Luxembourg and which was launched seven years ago at a time when Bitcoin had experienced a price hike of up to $31 before it crashed back down to $2.
Although the full terms of the deal have not been made public, it had earlier on in the year been speculated that the Crypto exchange which was founded in a garage in Slovenia, and with one thousand in initial investment, was looking to go for sale for an offer of $400 million. Rumors also had it that the Crypto exchange was in the final stages of completing a deal with an investment firm based in South Korea.
Although NXMH has its headquarters in Belgium and not South Korea, it has a subsidiary, NXC, which is a technology investment firm in South Korea, NXC owns Korbit which is the regional Crypto exchange giant. The firm had however refuted claims made back in April that it had acquired the Bitcoin Crypto exchange for $350 million.
Alignment To Aid Expansion Of Operations
Nejc Kodrič, who is the chief executive and co-founder of the Crypto exchange reported to Reuters that the firm had initially had four interested buyers, but that it decided to go with NXMH because the investment firm was willing to let the Bitcoin Crypto exchange operate as an independent entity adding that it has considered merging with Korbit but later on decided to remain separate and maintain individuality. He added that as a result of this, its traders and employees will not experience or notice any changes in the operations of the Crypto exchange.
He said that the spectacular growth experience within the Crypto exchange last year saw many investors looking to make a footprint within the sector. as a result of this, he said that the firm started to get interested buyers approaching it even though at the time the firm was not looking to sell. He noted in the interview held by Fortune that at the time the firm was not looking to sell since it was not looking for additional capital.
Nejc Kodrič has reported that he will be maintaining a ten percent stake ownership of the Bitcoin exchange and has registered his confidence in the new alignment with NXMH stating that it will help the Bitcoin exchange expand its operations. He said that both firms were very much aligned in how they see the industry progressing and in what they want the company to grow to be.
The previous Investor Maintains Some Interest
Pantera Capital, which is a Crypto hedge fund that had made a ten million dollar investment in the firm back in 2014 has reportedly also sold a part of its stake in the Bitcoin exchange while still retaining some interest.