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Korean Gamemaker Nexon Acquires Bithumb Exchange for $450M

Korean Gamemaker Nexon Acquires Bithumb Exchange for $450M
  • South Korean gaming company Nexon has begun acquiring crypto exchange Bithumb.
  • In 2020, South Korean police raided Bithumb over allegations of fraud.
  • Despite the interest in crypto exchanges, Nexon has yet to show its plans to enter the blockchain gaming scene.

South Korean gaming juggernaut Nexon has started to acquire Bithumb, the country’s largest crypto exchange. According to a local news outlet, Nexon paid 500 billion won (roughly $455 million) to seal the deal.

Nexon’s acquisition of Bithumb initialized through its CEO Kim Jung-joo. Additionally, the firm has taken over all of Bithumb’s shares which were safekept by Chairman Lee Jung-hoon.

Bithumb Sale Backstory

As CoinQuora reported last September 2020, Lee was tied to an issue regarding the sale of BXA tokens. Users who participated in the sale claim that they bagged 30 billion won ($25 million). However, Bithumb did not immediately list the token on its platform, according to the plaintiffs. Hence, the price of BXA tokens crashed.

Consequently, Seoul Metropolitan Police raided Bithumb’s headquarters at least three times in 2020 over fraud charges. They even seized the exchange’s shares which belonged to Bithumb Korea Director Kim Byung-Geon.

Following these, Bithumb owners had put up the exchange for sale. Hence, Nexon’s acquisition.

Blockchain Gaming Next on Nexon’s List?

Aside from Bithumb, Nexon also owns two other exchanges, namely Bitstamp and Korbit. Also, the company seems to be interested in blockchain technology for gaming.

Previously, Nexon US CEO Owen Mahoney said that blockchain can maintain reputation and trust in an anonymous cyberworld.

Mahoney said in an interview with CNBC:

People want to trust other people within new games, and blockchain technology can help bring that reputation across different sort of games.

Once Nexon has finalized the acquisition of Bithumb, it will have stepped more into the crypto and blockchain space. However, it has yet to show interest in blockchain gaming.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.