Bithumb has agreed to sell a 65% stake for nearly $ 500 million

Bithumb has agreed to sell a 65% stake for nearly $ 500 million

Video game publisher, Nexon buys more than half of the largest crypto exchange in Korea.


8 Jan 2021 , 12:50 @ Thomas Alford

Bithumb has agreed to sell a 65% stake for nearly $ 500 million

Video game publisher, Nexon buys more than half of the largest crypto exchange in Korea.

Kim Jung-ju, the founder of the South Korean company Nexon for online games, is increasingly interested in crypto business. According to the latest reports, it was he who  initiated the business where he promoted his interest, and the result is the purchase of 65% of the total share of Bithumb.

The purchase price is about 500 billion won ($ 456M) and this share will be transferred to the holding company NXC, where Kim Jung-ju is the chairman. The NXC is took over all of Bithumb’s shares held by Chairman Lee Jung-hoon.

Bithumb was scheduled to start selling already in August last year, but due to an investigation by the chairman and the largest shareholder, Lee Jung-hoon, for fraud, the process was suspended.

However, NXC is no crypto newcomer, currently also holding 83% of Korbit, an exchange based in Seoul.

Read also: Bitcoin miners current revenue is $ 33 million per day

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