Nexon Gaming Company Could Acquire Bithumb For $460 Million

Nexon gaming company could acquire Bithumb for $460 million according to the latest reports that we have in our cryptocurrency news.

The South Korean crypto exchange Bithumb could soon see its new owner if the $460 billion bid goes through as per the local publication Maekyung reported. The Korean Nexon gaming company known for developing games like KartRider and Need for Speed online, is preparing a new bid for Bithumb by planning to acquire over 65% of the company as the report noted. As such, Nexon is getting a favorable deal as the report noted Bithumb’s old shares trade at a 1 trillion won valuation in over-the-counter markets meaning Nexon will acquire the company at a discounted rate.

Absolutely massive.

Korean media reporting Nexon, a multi-billion dollar gaming conglomerate, is preparing to acquire Bithumb, South Korea's biggest crypto exchange.

Valuation? below ~$460M.

This is big for Bitcoin and the local crypto industry if the deal goes through. (1/3)

— Joseph Young (@iamjosephyoung) January 7, 2021

Bithumb has been looking to sell a major stake since August 2020 and selected Samjong KPMG auditing company and tapped both foreign and domestic private equity fund managers at that time. Even Huobi was interested. However, the sale was delayed because of turmoil in Bithumb’s top corporate board since Lee Jung Hoon who is the chairman of the holding company was investigated and arrested on allegations of token fraud, market manipulation, and securities scams.

Despite that, Bithumb maintains its position as Korea’s top exchange with the firm trading over $2.6 billion yesterday according to the analytics site CoinGecko and offers over 129 cryptocurrencies to the users. BitHumb’s acquisition will be Nexon’s third crypto exchange purchase as its parent company NXMH has picked up crypto exchanges Korbit and Bitstamp. There are even more plans for integrating cryptocurrencies in the retail game lineup.

As previously reported, Bithumb is the biggest crypto exchange in South Korea and it prepared to close some of its offices because of the ongoing coronavirus pandemic.
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According to an official announcement, Bithumb closes offices in Gangham temporarily, to prevent the spread of COVID-19. The exchange noted that the number of cases confirmed of the coronavirus disease increased locally which caused the local authorities to adopt more preventive measures. The platform was actively posting on the blog in recent months but none of the announcements signaled for an investigation targeting its executives. The South Korean police conducted two raids at the company’s offices in relation to an alleged fraud while the company’s chairman Lee Jung-hoon was questioned