Bitstamp, Digital Cryptocurrency Exchange, acquired by NXMH, a European investment firm

Bitstamp, Luxembourg-based cryptocurrency exchange, is acquired by NXMH, a Belgium-based investment company. Terms of the acquisition are not disclosed.

Bitstamp started with an investment of EUR 1000, is the largest crypto exchange in the European Union if we consider the trading volume. Bitstamp raised a total of about $14 million from investors including Pantera Capital.

In referring to the customers in the announcement, BitStamp Bitstamp Chief Executive Officer (CEO), Nejc Kodrič said, "Bitstamp has been regularly approached by suitors for quite some time. The reason why we finally decided to sell the company is a combination of the quality of the buyer, the quality of the offer and the fact that the industry is at a point where consolidation makes sense. A major factor in agreeing to the sale is that the mission, leadership and vision of the company remains the same."

NXMH, the European subsidiary of South Korea-based NXC, has more than 2 billion euros of assets under management. Apparently, NXC also owns South Korean cryptocurrency exchange Korbit.

Bitstamp Chief Executive Officer (CEO), Nejc Kodrič further added, "I want to assure you that Bitstamp remains Bitstamp. We will continue to innovate with the goal of giving our customers the absolute best trading experience. It is business as usual here. We do anticipate that this acquisition will strengthen Bitstamp’s positioning for growth, which will provide opportunities to better serve our customers. Customers should not have any concerns about their accounts or changes to the way we operate. "

According to Reuters post, Bitstamp and Korbit will operate independently and Fortune article purportedly reported that deal could be around USD 400 million.

PC: snip from BitStamp,

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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