Nexon nabs $80m majority stake in Korbit

Sep 29, 2017 • Thierry Heles

Nexon has acquired a majority stake in SoftBank and SK Telecom-backed cryptocurrency exchange Korbit, in a deal that valued the company at $120m.

Game developer Nexon has paid $80m for a 65.2% stake in Korbit, a South Korea-based cryptocurrency exchange backed by telecommunications group SoftBank, Tech in Asia reported on Wednesday, citing local news publication Hankyung.

The valuation of Korbit was initially pegged as more than $150m, but Nexon’s South Korean holding company NXC told TechCrunch yesterday the deal valued the company at approximately $120m.

Korbit operates an online platform that enables users to trade in cryptocurrencies such as Bitcoin, Ethereum and Ripple.…

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