{"id":53691,"date":"2021-01-08T09:06:10","date_gmt":"2021-01-08T09:06:10","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=53691"},"modified":"2021-01-08T09:06:10","modified_gmt":"2021-01-08T09:06:10","slug":"south-korean-gaming-giant-planning-to-buy-crypto-exchange-bithumb-for-460-million","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=53691","title":{"rendered":"South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Million"},"content":{"rendered":"

\"South<\/p>\n

Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($460 million).<\/strong><\/p>\n

\u25cf According to local media reports<\/a>, Nexon is to buy all the shares owned by Bithumb chairman Lee Jung Hoon, including several others totaling up to 65% of the exchange\u2019s outstanding shares.<\/p>\n

\u25cf The Tokyo Stock Exchange-listed video gaming giant has since signed a memorandum of understanding (MoU) with the sellers to facilitate the transaction. The MoU was signed at the beginning of this month, said the reports.<\/p>\n

\u25cf Nexon already owns two other crypto exchanges \u2013 Korbit, Korea\u2019s third-largest exchange, and European exchange Bitstamp, which it acquired for around $80 million and $400 million, respectively, three years ago.<\/p>\n

\u25cf Bithumb, Korea\u2019s largest bitcoin exchange, has been rocked<\/a> by issues of fraud involving top company staff. Authorities in the Asian country are currently investigating the platform for financial fraud involving $25 million.<\/p>\n

\u25cf Lee Jung Hoon, the chairman, is accused of pocketing millions of dollars by selling Bithumb\u2019s tokens to clients without listing them. As a result of the fraud case, the exchange was put up for sale last year.<\/p>\n

<\/ins> <\/ins> <\/p>\n

\u25cf Founded in 1994, Nexon is a major player in the global gaming industry. Some of its most popular gaming titles include Dungeon & Fighter, Kart Rider, and Nexus: The Kingdom of the Winds.<\/p>\n

\u25cf Shares of Nexon were down 0.16% to 3,180 Japanese yen ($30.8) in Tokyo trading on Thursday. The company boasts a market capitalization of 2.82 trillion yen ($27.3 billion).<\/p>\n

What do you think about Nexon acquiring a stake in Bithumb? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($460 million). \u25cf According to local media reports, Nexon is to buy all the shares owned by Bithumb chairman Lee Jung Hoon, including several others totaling up […]<\/p>\n","protected":false},"author":2,"featured_media":53692,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-53691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/53691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53691"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/53691\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/53692"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}