Bitstamp, Korbit Crypto Exchange Buyer Nexon Sells Blockchain R&D Arm

Source: Adobe / Andy Dean

South Korean gaming giant Nexon, the buyer of the Bitstamp and feather Crypto Exchange has reportedly sold one of its key blockchain subsidiaries. Some experts claim the move could indicate a shift in focus for the game company and its owner Kim Jong-ju as it moves from crypto to fintech.

Per Chosun, NXCNexon’s holding company sold a 100% stake Blockchain Entertainment Lab in a deal valued at USD 903,000. The buyer appears to be the lab’s current CEO, Noh Ki-tae. The sale reportedly took place in late September but has been kept top secret to this day. The lab was valued at $ 1.4 million at the time of sale, and there is no indication why the company was sold at a discounted price.

The lab was formerly called a gaming company RushmoIn 2018, Kim announced that it would be a fully dedicated blockchain arm: a research and research unit for blockchain technology.

Kim, who bought the South Korean exchange Korbit in 2017 and the European exchange Bitstamp in 2018, has not commented on the reasons for the sale.

However, some industry experts shared with the same media company that they believed Kim wanted to move away from the crypto sector and focus on fintech-related business interests, citing a deal in March that saw NXC invest in a fintech company based in British Virgin Islands.

The company has also recently launched Aquis, a fintech company that enables traders to trade stocks and financial products through apps, including crypto, in playful environments.
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