Gaming Firm to Buy $80 Million Stake in Korean Bitcoin Exchange Korbit

Gaming firm Nexon has agreed to buy a majority stake in South Korea's Korbit cryptocurrency exchange for roughly $80 million.

AccessTimeIconSep 26, 2017 at 1:30 p.m. UTC
Updated Sep 13, 2021 at 6:58 a.m. UTC

Interest in South Korea's booming cryptocurrency market continues apace.

Following its emergence as a global leader in bitcoin and cryptocurrency volume, local exchange startup Korbit has announced that PC and mobile gaming firm Nexon has signed a stock trading agreement that would see it acquire Korbit's management rights.

According to local news source, Hankyung, Nexon has agreed to purchase a 65 percent stake in Korbit at a sale price of 91.3 billion Korean won (roughly $80 million).

Data from CoinMarketCap indicates that Korbit sees roughly 11,500 BTC in daily trading, volumes that place it in the top 15 bitcoin exchanges globally.

As evidence that domestic interest is expanding to corporates, Nexon reportedly acquired Korbit to diversify its business, the news source said, further indicating that the gaming firm believes the blockchain market will grow in coming years.

The move follows on the heels of news this week that mobile app maker Dunamu would also seek enter the market, announcing the launch of a new exchange in a joint venture with U.S. exchange Bittrex.

Founded in 1995, U.S.-based Nexon specializes in massively multiplayer online role-playing games (MMORPGs) and internet quiz games, offering products that notably utilize micro-transactions for in-game purchases.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Korbit.

South Korean won image via Shutterstock

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