The Slovenia-founded/Luxembourg-based cryptocurrency exchange Bitstamp has been bought by NXMH, a Belgium-based investment firm whose parent company also owns the South Korean exchange Korbit. It was reportedly an all-cash deal. Though Bitstamp isn’t disclosing the terms, Fortune reports rumors saying the deal was around $400 million.
The exchange’s founder, Nejc Kodrič, told Reuters that despite the huge downturn in the cryptocurrency market, Bitstamp remains profitable. In 2016, it was valued at around $60 million, and the company says its transactions’ value exceed $100 million each day, making it Europe’s largest exchange.
Despite sharing the same parent company, Bitstamp and Korbit will reportedly still operate independently.
You can read the full report here.