Belgium-based NXMH buys Bitstamp, the EU’s largest exchange

October 30, 2018

Belgium-based NXMH buys Bitstamp, the EU’s largest exchange

NXMH, an investment company based in Belgium, acquired Bitstamp, the EU’s largest digital currency exchange by volume, with over $100 in daily volume.

The move took place on October 25th but the announcement was made by the Luxembourg-based Bitstamp CEO Nejc Kodrič on the company’s official website.

“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. A major factor in agreeing to the sale is that the mission, leadership and vision of the company remains the same,” Nejc Kodrič explained.

According to Kodrič, the acquisition will bring no changes in the company’s operations — he will remain as CEO — and that the customers will not be affected. He also noted that it is the logical next step in Bitstamp’s growth as a company.

In a separate interview with Reuters, Kodrič refused to go further into details regarding the financial side of the deal. However, he did disclose that Bitstamp was valued at $60 million in 2016, well before the cryptocurrency boom in late 2017.

NXMH is a family investment holding company, operating as a subsidiary of the South Korean NXC Company, which also owns cryptocurrency exchange, Korbit. NXMH will take an 80% stake in Bitstamp, with Kodrič retaining 10%.

Co-founded by Nejc Kodrič and Damijan Merlak in Slovenia (2011), Bistamp first moved to UK in 2013, and subsequently to Luxembourg. Merlak reportedly sold his entire 30% stake as part of the acquisition.

Correction: A previous version of this article noted that NXMH also operated as a subsidiary of Barclays, but that is not the case.