Gaming Company Nexon Denies $350 Million Bitstamp Acquisition

Francisco Memoria
  • Gaming company Nexon Korea recently denied it's in alks to acquire cryptocurrency exchange Bitstamp.
  • Rumors of the acquisition first appeared after reports cited people familiar with the matter, who claimed the deal would go for $350 million.

South Korean gaming company Nexon Korea recently denied it was in talks to buy Luxemburg-based cryptocurrency exchange Bitstamp for $350 million, according to local news outlet The Korean Herald.

The gaming company’s CEO, Lee Jung-hun, stated at a press conference in Nexon’s headquarters that the company wasn’t looking to acquire the exchange. He was quoted as saying:

“Nexon Korea does not have anything to do with a Bitstamp acquisition. We do not have any plans to link cryptocurrencies with our games business.”

Lee Jung-hun

It’s worth noting Nexon was established in Seoul back in 1995, and is listed on the Tokyo Stock Exchange with a market capitalization of 1.3 trillion yen ($12.7 billion). Its parent company, NXC Corp., has acquired a majority stake in South Korean exchange Korbit last year.

Rumors Nexon was going to purchase Bitstamp started after Business Insider published a report citing people familiar with the matter, that didn’t want to be named because they weren’t authorized to discuss the deal.

Per Business Insider’s sources, the situation was fluid and the deal could fail to materialize. When reached out to, Nexon claimed it could “neither confirm nor deny” the report, while a Bitstamp spokesperson stated he or she wasn’t in a position to comment the matter.

During the press conference, Nexon’s CEO added that the company does see potential in blockchain technology, as it can be used in game development. While Nexon itself may not be behind the deal, it’s still possible its parent company may be looking to acquire Bitstamp.

Bitstamp is considered to be the longest surviving cryptocurrency exchange to date. Founded in 2011, Bitstamp has been through various noteworthy events – including getting hacked – but is still active. At press time, over $300 million were traded on it in the last 24-hour period.