Nexon Korea Denies It's Acquiring Crypto Exchange Bitstamp

South Korean Gaming Giant Nexon Reported to have Acquired Bitstamp

Slovenian-owned Bitstamp, the oldest cryptocurrency market still running, is set to be purchased by South Korean gaming company Nexon. Now, unnamed sources have revealed that the interested buyer of the multi-million dollar crypto exchange is the world-famous video game developer, Nexon.

South Korean regulators said they were preparing to ban bitcoin trading in the country, following a crackdown on initial coin offerings in 2017.

It's notable, however, that Lee specified in his remarks that "Nexon Korea" is not acquiring Bitstamp.

"We do not have any plans to link cryptocurrencies with our game business", Lee said, adding that this does not mean Nexon is ruling out the use of blockchain in its game development efforts, as the distributed ledger technology has many potential applications to games. The firm was established in Korea in December 1994 by Kim Jung Ju and Jake Song. It services over 80 titles in over 190 countries.

According to a report in the Korea Herald, Nexon Korea CEO Lee Jung-hun on Wednesday said that the company is not involved in discussions to acquire Bitstamp, the world's 10th-largest cryptocurrency exchange in terms of daily trading volume.

According to Finance Magnates, for several weeks rumors churned about the sale of the pioneer bitcoin and altcoin exchange, Bitstamp, to an anonymous Korean investor.

Bitstamp, which was founded in 2011 and is headquartered in Luxembourg, became the world's oldest-surviving exchange previous year when China-based BTCC shut its doors after the country banned cryptocurrency trading platforms.

If Bitstamp will indeed be acquired by unknown Korean investors, it would be the third major acquisition deal in the crypto space this year. Goldman Sachs-backed cryptocurrency business Circle acquired exchange Poloniex for $400 million in February and earlier this month online brokerage Monex Group bought Japanese cryptocurrency exchange Coincheck.

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