NXMH is a Brussels-based investment and private equity firm that also manages Korbit Exchange firm of South Korea.
A Brief History of Bitstamp
Bitstamp was co-founded back in 2011 by Nejc Kodric and a friend with a total investment of 1000 Euros. Today, the company has grown to be among the world`s largest cryptocurrency exchanges, with a total investment of about $14 million.
The Acquisition process
The company’s acquisition process began in mid-2017, with NXMH being one of the four bidders. They later struck a deal in December, the same year when the Bitcoin price hit $20000. They then took most of the time this year assisting the companies to receive regulatory approvals for its acquisition. Although the financial terms of the deal were kept discrete, rumors have it that the company was sold for approximately $400 million.
According to the deal, Kodric will retain his position as the company’s Chief Executive. In an interview with Fortune, Kodrik stated that he doesn’t expect any changes to the companies operation either to the customers or the 180 employees. He said, “We have a similar opinion as NXMH, hence there is no need to change something that works perfectly.” Noting that Bitstamp has registered consistent profits since day one.
Is there a possible merger between the two companies?
Although Korbit and Bitstamp will now be under the same parent company. Nejc doesn’t foresee a possible merger between the two. However, both companies will rely on similar technologies, development and research tools.
According to Kodric, Bistamp was not looking to sell in the first place.
At the same time, they were not looking for investment because obviously with all their accumulated finances, they didn’t want to raise capital. However, a merger with more experienced companies would be integral in developing Bitstamp to greater heights. With this sale, Nejc cashed out a most of his stakes at Bitstamp but still retained a minor 10% stake. He says the main reason why NXMH wins the bid, is primarily because they have like-mind partners.
Bitstamp has formed a name for themselves in the crypto industry not only in Luxembourg but globally. “NXMH are focused at assisting us along the way, and bring to light our global vision,” said Nejc. With this latest development, the company will expand its borders and reach out to a majority of investors in the world.
You can submit your press release and list ICO to get back more viewers.