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Confirmed: Korean crypto exchange Korbit sold to Nexon parent for $80M


The parent corporate of video games massive Nexon has showed that it bought Korea’s 2d greatest cryptocurrency exchange, Korbit, in a deal that values it at simply over $120 million.

A spokesperson from NXC, the company which owns $11.five billion-valued Nexon, showed to TechCrunch that it paid 91.three billion KRW (roughly $79.five million) for 65.19 p.c of Korbit. South Korean finance site Hankyung in the past reported at the deal, but it surely pegged the total valuation at greater than $150 million.

“NXC has been reviewing and investing in startups with digital idea and technology and this investment was made with our positive view on the growth cryptocurrency industry,” the corporate instructed TechCrunch in a commentary.

The deal is a landmark for Korea, and in point of fact anyplace else on the planet, because it represents a longtime company taking a large step into the sector of cryptocurrencies.

Korbit raised a $three million Series A spherical again in 2014 thru traders together with SoftBank Ventures Korea, Pantera Capital and Tim Draper. Since then it has expanded past bitcoin to be offering Ethereum and dozens of alternative cash.

The provider is easily established in Korea, but it surely trails native chief Bithumb, which suffered a big hack this summer time and is assumed to have been focused by means of North Korea hackers.

Nonetheless, the deal is testomony to the improvement of bitcoin, Ethereum and cryptocurrencies extra normally in Korea. The nation is claimed to account for up to 40 p.c of worldwide Ethereum buying and selling, even supposing the federal government has outlawed ICOs. That’s as a lot down to the difficulties of making an investment within the native inventory marketplace as Ethereum’s increase, which has noticed the worth of a coin bounce from $eight in January to round $300 on the time of writing.

Featured Image: Li-Anne Dias

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