The dad or mum firm of video games big Nexon has confirmed that it acquired Korea’s second largest cryptocurrency trade, Korbit, in a deal that values it at simply over $120 million.
A spokesperson from NXC, the company that’s the largest shareholder of $11.5 billion-valued Nexon, confirmed to TechCrunch that it paid 91.three billion KRW (roughly $79.5 million) for 65.19 % of Korbit. South Korean finance web site Hankyung beforehand reported on the deal, but it surely pegged the general 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 an announcement.
The deal is a landmark for Korea, and actually anyplace else on the earth, because it represents a longtime company taking a giant step into the world of cryptocurrencies.
Korbit raised a $three million Collection A spherical again in 2014 via buyers together with SoftBank Ventures Korea, Pantera Capital and Tim Draper. Since then it has expanded past bitcoin to supply Ethereum and dozens of different cash.
The service is properly established in Korea, but it surely trails native chief Bithumb, which suffered a serious hack this summer season and is assumed to have been focused by North Korea hackers.
Nonetheless, the deal is testomony to the event of bitcoin, Ethereum and cryptocurrencies extra usually in Korea. The nation is claimed to account for as a lot as 40 % of world Ethereum buying and selling, regardless that the federal government has outlawed ICOs. That’s as a lot right down to the difficulties of investing within the native inventory market as Ethereum’s growth, which has seen the worth of a coin soar from $eight in January to round $300 on the time of writing.
Featured Picture: Li-Anne Dias