Bitstamp acquisition

In a statement to customers, Luxembourg-based cryptocurrency exchange Bitstamp announced its acquisition by Belgium private equity firm NXMH Holdings, whose parent company NXC also owns South Korean crypto exchange Korbit. The all-cash deal, which was signed by Bitstamp founder Nejc Kodrič on October 25, 2018, was announced today, October 29, 2018. NXMH has around 2 billion euros in assets under management and invests in digital technologies.

In an interview given to Reuters, Kodrič declined to disclose the purchase price, but he did assert the EU’s largest crypto exchange wasn’t actively looking for deals. Bitstamp, according to CoinMarketCap, has had a 30-day reported volume of just over $1.6 billion. According to Reuters reporting, the exchange has a daily turnover volume of over $100 million USD, making it the largest digital currency exchange in the European Union.

Founded in Slovenia in July 2011, Bitstamp has continued to maintain volume in spite of the overall decline in volume and valuations digital currencies have faced in 2018. It should be noted that Bitstamp is one of the few exchanges where the Blockchain Transparency Institute did not uncover evidence of wash trading.

Kodrič will still maintain 10 percent ownership of Bitstamp, with the sale handing over 80 percent of shares in the exchange to NXMH. Pantera Capital, which invested $10 million into Bitstamp in 2014, has reportedly also sold part of its stake to NXMH. Kodrič is slated to stay on as Bitstamp CEO. Reuters has reported that for now, Korbit and Bitstamp will continue to operate independently.

This article originally appeared on Bitcoin Magazine.

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