How $400 Billion Tencent Might Soon Acquire Two Major Bitcoin Exchanges

 Tencent Mulling Bid for Owner of Bitstamp & Korbit Reuters reports that Tencent is actively pursuing co-investors to purchase the South Korea-based NXC Corp, the company behind gaming firm Nexon.

 Kim Jung-ju reportedly wants to sell a 98.64 percent share in the company that he co-founded in 1994.

 That stake, which is held by Kim and his wife, is worth an estimated $7.1 billion to $8.9 billion.



 Though best known for its gaming empire, NXC owns multiple cryptocurrency exchanges.

 In late 2017, the firm acquired a majority stake in Korbit - then South Korea's second-largest crypto exchange - in a deal that valued the company at $150 million.

 Korea's crypto market has undergone significant turbulence in year-and-a-half since that acquisition, but Korbit retains a solid presence in the region with an estimated $350 million in monthly trading volume. 

Last October, NXMH - NXC's Belgian subsidiary - purchased an 80 percent stake in Bitstamp, the world's oldest bitcoin exchange. Bitstamp currently ranks as a top-50 exchange with a monthly volume of more than $1.8 billion.


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