The Oldest Bitcoin Exchange Bitstamp Sold

Bitstamp

Bitstamp

Bitstamp, one of the oldest and largest bitcoin exchanges, has been acquired by Belgian investment firm NXMH. The financial terms of the deal were not disclosed, but the purchase price was rumored to be around $400 million.

In September, 2017, the company announced it had bought 65% of Korean crypto exchange, Korbit, for US$80m. NXC aims to keep the two exchanges operating separately; however, plans on "generating synergies in a number of areas, including technology, research and development".

"There was no active effort to go around and solicit buyers", Kodrič said, reports Reuters. "We started to get approached by buyers in the middle of a year ago", he said.

"The reason why we finally made a decision 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."

The founder, however, assures that the operations of will resume with no change, with the focus on user experience, trading experience, and customer support.

"Don't worry, it's business as usual here at Bitstamp".

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Cryptocurrency hedge fund Pantera Capital, which invested $10 million in Bitstamp in 2014, also sold a portion of its stake to NXMH but retained some interest in the exchange.

Kodrič stresses that nothing about Bitstamp's services will change: "We do anticipate that this acquisition will strengthen Bitstamp's positioning for growth, which will provide opportunities to better serve our customers". "We have kind of the same opinion as NXMH-why change something if it works perfectly well?" he said, adding that Bitstamp "has been profitable from nearly day one". Morehead is the Chairman of Bitstamp's Board of Directors.

In July, some business filings were discovered that appeared to link the NXC-owned NXMH to Bitstamp, after the company registered Bitstamp Holdings N.V. earlier this year. It now has over three million users.

Popular cryptocurrency exchange Bitstamp has been acquired by South Korean NXC Corporation for an undisclosed sum in what the company is calling a "strategic, long-term investment" into the cryptocurrency space.

Bitstamp was founded in 2011 in Slovenia by Kodrič and Damian Merlak.

"We are now entering a new era in our company's history, which has come a long way since it began seven years ago in a garage with two laptops and Euro 1000", Kodrič added.

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