NXC, the holding company of gaming company Nexon, has acquired Korean bitcoin exchange Korbit at a $150 million valuation according to THEblockchain.
NXC signed a stock trading agreement to buy Korbit’s management rights. Under the agreement, Nexon purchased 65.13% of Korbit’s shares for 91.3 billion Korean won (roughly $80 million), valuing the company at more than $150 million.
Founded in 2013, Korbit is a bitcoin exchange company based in Seoul. The company has raised $3.6 million to date from leading investors including Tim Draper, Digital Currency Group, Pantera Capital, BAM Ventures, and Naval Ravikant, among others.
Founded in Korea in 1994, Nexon specializes in graphics-based massively multiplayer online games and has also pioneered the concept of microtransactions and the free-to-play business. It currently services over 100 titles in more than 190 countries. The company is headquartered in Tokyo, Japan and its shares are listed on the Tokyo Stock Exchange.
According to the report, it acquired Korbit in order to diversify its business.
The company said in a statement (as quoted by Business Korea):
“NXC has been looking into investing in innovative digital ideas and tech startups. The acquisition of Korbit was pushed through while keeping the possibility of virtual currency industry growing in mind.”
