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.
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