BitStamp Bought by NXMH

Post in a press release on the BitStamp official site, the Luxembourg-based BitStamp, one of the largest cryptocurrency exchanges, has been bought out by Belgium investment firm, NXMH. NXMN, a subsidiary of South Korean NXC which invested in Korbit crypto exchange in September 2018, is reported to have brokered the deal in cash, with the amount yet to be disclosed.

According to the press release, NXMH will be the new major shareholder over the exchange, with an 80% stake. Nejc Kodrič, the CEO of BitStamp will retain 10% of the company.

The BitStamp CEO released commented in the press release:

“Today I am pleased to announce that Bitstamp has been acquired by NXMH, a Belgium-based investment company. Bitstamp has been regularly approached by suitors for quite some time. The reason why we finally decided to sell the company is a combination of the quality of the buyer, the quality of the offer and the fact that the industry is at a point where consolidation makes sense. A major factor in agreeing to the sale is that the mission, leadership and vision of the company remain the same.”

According to the sale report, it looks as though NXMH had been the buyer of the shares sold by BitStamps initial investor, Pantera Capital Management LP. Pantera had originally entered with a $10m in hedge fund investment, at the time one of the largest single investments in a bitcoin-related business.

BitStamp currently conducts a daily transaction volume around $100 million. The exchange is also touting nearly 3 million users, where a majority of the clients reside in Europe.

Kodrič also assuaged their user base concerning the buyout, stating that the mission statement and the company’s operations will not affect the traders.

Kodrič stated:

“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. Customers should not have any concerns about their accounts or changes to the way we operate.”

The press release confirmed that the deal has been finalized and the keys to the business have been handed over to the new owners.