Bitstamp, one of the largest and most well-known cryptocurrency exchanges in the world, has been purchased by investment firm NXMH. Founded by Kodrič and Damian Merlak in 2011, Bitstamp is the largest cryptocurrency exchange in the European Union by volume, with a daily turnover of $100 million. Remarkably impressive, seeing as the founders started in a garage with two laptops and EUR 1000 in 2011.
NXMH is the European subsidy of NXC, a South Korean venture that invests in gaming and digital technologies. There is little known about the specific details of the deal, but rumours had circulated that the cryptocurrency exchange was seeking as much as $400 million and was in the final stages of inking an agreement with a South Korean investment firm. One thing we do know is that NXHM now possesses an 80% stake in Bitstamp, with Kodric retaining 10% ownership and continuing his duties as CEO.
There was no shortage of interest in the blooming crypto exchange, so why did they decide to complete a deal with NXMH? In short, Bitstamp wanted to remain Bitstamp; the company didn’t want to sell and change the way the exchange operated. NXMH promised that the Luxembourg-based exchange would continue to operate under current mission, leadership and vision of Bitstamp. This is great news for those that work at Bitstamp, who will all remain on board in the future.
Kodric said: “We were very much aligned—where we see the industry going and what the company wants to be,” he said. “They’re willing to help us along the way, and help us with our global expansion.”
Is There Potential for a Korbit Merger?
NXMH’s parent company NXC also owns South Korean crypto exchange Korbit. This has led many to speculate that Bitstamp could merge with Korbit to form one single exchange. However, Kodric recently had this to say: “We’ve talked about it, but we decided to keep the companies running separately.” However, the crypto exchanges do plan to share technology, research, and development resources.
One thing is for sure, Bitstamp has come a long way since they started in a garage with two laptops and EUR 1000 seven years ago.
Article By: Timothy Atkins