Crypto Startup Korbit Acquired By Gaming Giant Nexon

FinTech, Innovation, Investing, Mergers, News | September 26, 2017 By:

South Korean exchange Korbit has inked a stock-trading agreement with gaming giant Nexon that will see its management rights merged into the larger company.

Nexon specializes in PC and mobile gaming, publishing such titles as Dungeon&Fighter and MapleStory. The company’s massive multiplayer online role-playing games and quizzes use micro-transactions for in-game purchases. Nexon was founded in Korea and is now headquartered in Japan. It acquired a 65 percent stake in Korbit at a sale price of $80 million USD (91.3 billion Korean won).

Korbit does a volume of roughly 11,500 legacy bitcoin trades each day, making it a top 15 exchange globally.

The Nexon acquisition comes after fellow mobile gaming app Dunamu launched a new exchange in a joint venture with Bittrex, a US-based exchange.