<article>Japanese PC and mobile gaming firm <a href="http://www.nexon.net/" target="_blank" rel="noopener">Nexon</a> has acquired a 65 per cent stake in South Korean cryptocurrency exchange <a href="https://www.korbit.co.kr/?locale=en" target="_blank" rel="noopener">Korbit</a> for $80 million at a valuation in excess of $150 million.</article>

Japanese PC and mobile gaming firm <a href="http://www.nexon.net/" target="_blank" rel="noopener">Nexon</a> has acquired a 65 per cent stake in South Korean cryptocurrency exchange <a href="https://www.korbit.co.kr/?locale=en" target="_blank" rel="noopener">Korbit</a> for $80 million at a valuation in excess of $150 million.
According to a <a href="http://stock.hankyung.com/news/app/newsview.php?aid=2017092675761" target="_blank" rel="noopener">report</a> from South Korean business news publication Hankyung, which cited unnamed industry sources, Nexon conducted the transaction through a holding company in South Korea called NXC.
Nexon is the largest developer of games in South Korea, with a footprint that extends to the US. Founded in 1995, it specializes in massively multiplayer online role-playing games (MMORPGs) and internet quiz games. Many of its products utilise micro-transaction for in-game purchases.
Korbit is a Seoul-based cryptocurrency exchange that facilitates trading in both the bitcoin and ethereum digital currencies. Backers of the exchange include venture capitalist Tim Draper and South Korea’s telecommunications conglomerate SK Telecom.
Cryptocurrencies are a medium of exchange created and stored electronically, with encryption techniques being utilised to control the creation of monetary units and verify transactions. It solves the challenge of unauthorised copying in the use of digital currencies; cryptocurrencies address this through publishing transactions to a public ledger which is cryptographically protected, preventing double spending.
The acquisition is evidence of growing interest in Bitcoin exchanges among corporates and reflects a move by Nexon to diversify its business and leverage the growth of the blockchain market in the Asia Pacific and Japan (APJ) as well as globally.
The acquisition serves to boost the cryptocurrency sector amid market shocks resulting from China&#8217;s ban on initial coin offerings (ICOs), also known as digital token sales. However, the ban has also served to drive a surge in interest in cryptocurrencies across Asia.
More recently, ASX-listed iCandy Interactive, a gaming studio, also <a href="https://www.dealstreetasia.com/stories/malaysia-asx-listed-icandy-interactive-back-20m-nitro-gaming-ico-82710/" target="_blank" rel="noopener">launched a digital token issuance</a> in a move meant to complement its own gaming ecosystem.
Also Read:
<a href="https://www.dealstreetasia.com/stories/more-bucks-for-bang-netmarble-founder-urges-south-korea-to-support-start-ups-72093/">More bucks for Bang: Netmarble founder urges South Korea to support startups</a>
<a href="https://www.dealstreetasia.com/stories/nexon-group-acquires-49-equity-stake-in-thai-game-publisher-58764/">NEXON Group acquires 49% equity stake in Thai game publisher</a>
<a href="https://www.dealstreetasia.com/stories/singapore-razer-proposes-razerpay-e-payments-system-81937/">Singapore: Razer proposes RazerPay e-payments system</a>

Gaming firm Nexon has acquired South Korean cryptocurrency exchange Korbit in an $80 million deal.

S Korea's Nexon acquires 65% in cryptocurrency exchange Korbit for $80m

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

S Korea's Nexon acquires 65% in cryptocurrency exchange Korbit for $80m

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief