Nexon Acquires Cryptocurrency Exchange Korbit at $80M

1006_max_korbit

Nexon, Korea’s game giant, has acquired Korbit, one of the three major cryptocurrency exchanges in Korea. On September 26, NXC, Nexon’s holding company, announced its purchase of 125,000 Korbit shares at ₩91.25 billion (approximately $80 million). Upon the  transaction, NXC will hold 65.19% of Korbit’s outstanding shares.

This M&A deal marks a record high for a startup acquisition. Prior to this was Kakao’s acquisition of Locnall Inc. at ₩62.6 billion (approximately $54.6 million).

Korbit was founded in 2013 by current CEO Yeongseok Yoo and Korea Blockchain Association’s co-representative Jinhwa Kim. It operates a cryptocurrency exchange also called Korbit. As the world’s  first Korean Won cryptocurrency Exchange, Korbit provides diverse services including electronic wallet and electronic payment.

NXC added  that the acquisition was for diversification, and that there is no specific plan regarding Nexon’s cryptocurrency business as for now.

Inspired by Platum.

Image source: Platum

Max is an LL.M. Candidate at Georgetown University Law Center. He is interested in the social impacts made by startup companies, and longs to contribute to the betterment of emerging companies. Max can be reached at hankuhm.lee@techforkorea.com.

Comments

                  

Leave a Reply

Your email address will not be published. Required fields are marked *