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Bitstamp Owner Could Re-invest USD 8.8 billion Windfall in Crypto

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023

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The owner of the Bitstamp exchange could be set to invest a whopping USD 8.8 billion in the blockchain and cryptocurrency industry, media speculates.

Per a report in South Korean media outlet Paxnet, business group chief Kim Jung-joo – owner of NXC Holdings – is now actively “looking for a new challenge,” and looks likely to turn to blockchain and cryptocurrencies. And it now looks increasingly plausible that, should he choose to retain the company and sell his other business assets, Kim may invest heavily in Bitstamp.

As previously reported, Kim has put NXC up for sale. NXC’s asking price reportedly is in the USD 8.8 billion range. The group comprises a myriad of companies, including gaming giant Nexen, as well as exchanges Bitstamp and Korbit. The latter is one of the four biggest exchange platforms in South Korea, while the former is the oldest exchange in Europe.

However, Paxnet reports that Kim now wants to “take a break from the gaming business” and focus on his blockchain interests.
And although experts have previously claimed that Kim was looking to sell all of his business interests, the evidence seems to show he may indeed look to retain Bitstamp.

Earlier this month, NXC took the significant step of obtaining a New York “BitLiscence” operating permit for the Bitstamp USA exchange. The company has also quietly been opening Bitstamp offices in a range of international locations, such as Slovenia and Japan – in addition to its bases in Luxembourg and the United Kingdom.

Bolckchain business consultant Lee Jeong-cheol told Cryptonews.com:

“If Mr Kim is really solely focused on selling up, you do have to wonder just why his cryptocurrency exchange businesses seems so keen on overseas expansion all of a sudden.”

Furthermore, per eDaily, American NXC subsidiary NXC LLC has made a sizeable investment in Tagomi, a crypto brokerage fronted by PayPal co-founder Peter Thiel. Kim has been listed among Tagomi’s investors, and Paxnet reports that NXC LL has “acquired shares” in Tagomi.

NXC also recently closed down the Korbit USA subsidiary it established in 2017, following Kim’s takeover of the Korbit exchange – possibly indicating that Bitstamp, rather than Korbit, could be the platform Kim wishes to focus his efforts on.

A number of buyers remain keen on snapping up Kim’s business empire, with two consortiums headed by the Kakao Group and Netmarble said to be frontrunners. Disney,EA and Chinese gaming giant Tencent have also been named as interested parties.