Opinions

Bitstamp Acquired By Belgian Firm

Bitstamp, a Luxembourg-based Bitcoin exchange, that deals with Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and XRP has been acquired by Belgian firm NXMH.

In a post on website blog, CEO of Bitstamp, Nejc Kodrič, announced this news to the world.

Kodrič said that the exchange was being approached by alot of suitors and the quality of this offer by NXMH was good for the company and the people and it was time.

‘The reason why we finally decided to sell the company is a combination of the quality of the buyer, the quality of the offer and the fact that the industry is at a point where consolidation makes sense.’

One of the reasons Kodrič stated for the sell-off was that the vision, mission, and leadership of the company wasn’t going to change.

He also stated that the customers should not be concerned as Bitstamp will still remain Bitstamp and this change of hands is for the best of the company.

Kodrič also discussed the hardships the company had come through to be at this point. Kodrič co-founded the company in August 2011 with Damijan Merlak in his Slovenia, but later moved its registration to the UK in 2013, then to Luxembourg in 2016 owing to the lack of adequate financial/legal services in Slovenia.

‘Bitstamp has come a long way since we started in a garage with two laptops and EUR 1000 seven years ago. ‘

Merlak has reportedly sold all 30% of his share in this deal.

The buyer, NXMH, is a subsidiary of South Korea-based Nexon that now owns 80 percent of Bitstamp. As part of the agreement, Kodrič keeps 10 percent of the company and will continue to act as CEO.

Bitstamp was a victim of a hack in 2015 when its employees were specifically targeted over a Skype call. They were fished into downloading a document that contained trojan scripts that made way for the hack. $5 million dollars were reportedly stolen. The company suspended withdrawals for several days.

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Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Email: sarim@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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