August 4, 2021

Gaming giant Nexon prepares to buy Bithumb

Gaming giant Nexon prepares to buy Bithumb

Tokyo-based gaming conglomerate Nexon is preparing to acquire a controlling stake in the largest the country of the crypto exchange Bithumb.

The company has already signed a memorandum onan understanding (MoU) with Bithumb to acquire 65% of the stock exchange for an assessed price of 650 billion won (about $ 460 million). The deal, which will give Nexon control of the site, will be mediated by one of the exchange's main shareholders, Vidente.

Considering that stock exchange shares are valued at 1trillion won ($ 914 million), Nexon is purchased at a discounted price. If the deal is successful, Nexon will become the owner of the third cryptocurrency exchange - earlier the holding acquired Bitstamp and Korbit.

The deal is expected to close at the end of August.

It is not yet known if the sale will go smoothly,given the legal challenges the exchange faced. The platform and its chairman Lee Jong Hoon were under investigation by local authorities for pre-selling the Bithumb BXA token for about $ 27 million to investors and then refusing to issue the token.

In November of this year, Huobi considered the possibility of acquiring the largest cryptoexchange in South Korea.

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