NXMH, a Belgium based company has acquired a major crypto exchange Bitstamp. NXC is a South Korean conglomerate who is the parent company of NXMH. The company deals with investment-related products.
Bitstamp is a bitcoin exchange based in Luxembourg. It allows trading between USD currency and Bitcoin cryptocurrency. It has listed almost all major cryptocurrencies including Ethereum [ETH], Bitcoin[BTC], Ripple[XRP] and their cash deposits and withdrawals.
Nejc Kodrič, CEO of Bitstamp made the announcement through the company’s twitter handle and its official blog page. He was pleased to inform the investors about the new business decision and looks for a positive response.
He also tells the community, how the exchange would remain adhere to their core principles and remain Bitstamp in itself. He also tells about the reasons behind the acquisition. He says:
“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.”
He further adds:
“Customers should not have any concerns about their accounts or changes to the way we operate.”
The announcement was revealed on 29th October 2018. The announcement made through twitter is as follows:
ANNOUNCING: Bitstamp was acquired by Belgium-based investment company NXMH. Our team, leadership and vision all remain the same. We believe this is the logical next step on our mission to be the most trusted digital currency exchange on the market: https://t.co/UxjNpDeKNR pic.twitter.com/3MUoQtdXFn
— Bitstamp (@Bitstamp) October 29, 2018
The two companies NXC and its subsidiary NXMH also recently acquired South Korea’s fourth-largest crypto exchange, Korbit. The acquisition was made at a deal of $300 million. And it has been almost a year since its acquisition and there have been no complaints about its operations or any security breach.
The announcement of Bitstamp also gave us a hint of its expansion strategy. In the announcement they said that this acquisition will strengthen their growth position, increasing their chances for the expansions. The price for the acquisition has not yet revealed according to the sources.
Acquisition of Bitstamp is going to strengthen the position of Bitstamp in the South Korean market.