Bitstamp Owner Reportedly Planning to Invest USD 8.8 billion in Crypto

Luxembourg based crypto exchange named Bitstamp facilitates crypto trading between USD and bitcoin. It operates in EUR, USD, along with crypto coins like bitcoin, and altcoins like Ethereum, Litecoin, Ripple or Bitcoin cash. It facilitates deposits and withdrawals of both all these currencies.

One South Korean media house reported that the owner of NXC Holdings, Kim Jung-joo is in search of a new challenge, and he might consider blockchain and cryptocurrencies as a possible solution. The owner of this exchange is thinking of investing 8.8 billion $ in the blockchain and crypto sector. The report also said that he might sell his company just to invest in blockchain and crypto. This is not just a wild guess.

Media has reported in the past that Kim was thinking of selling NXC and was asking the purchase price of around USD 8.8 billion. The group has giant market players namely Nexen, as Bitstamp and Korbit. However, Kim wants to stay away from the gaming business for now and divert his attention and assets towards blockchain and crypto.

At the beginning of this month, NXC marched a bit forward in the process of acquiring a New York BitLiscence trading permit for the Bitstamp USA crypto exchange. NXC is also secretly opening Bitstamp branches at multiple locations across the world, including Japan. It already has a presence in the UK and Europe. Hence, the news of Kim selling all his holdings does not seem totally reliable.

Lee Jeong-Cheol, a blockchain consultant told one media house: “If Mr. Kim is really solely focused on selling up, you do have to wonder just why his cryptocurrency exchange businesses seem so keen on overseas expansion all of a sudden.”

Not just his, one daily newspaper media house from the USA said that the US NXC office (NXC LLC) has recently made a considerable investment in Tagomi. Tagomi is backed by PayPal co-founder as operates as a crypto exchange facility.  Tagomi investor’s list has Kim’s name as it has bought shares in Tagomi.

Kim is signaling his interest very prominently. Crypto is definitely on his mind.  His company, not a long ago, shut the US facility of Korbit (which was established a couple of years ago). This happened after Kim took over Korbit.

South Korean online game developing company named Nexon is owned by NXC. Plus, it owns two giant cryptocurrency exchanges, Bitstamp and Korbit ( as mentioned above). Korbit is one of the largest crypto exchange platforms in South Korea.

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