Korean Media Giant Buys 65% Of Bitcoin Exchange Korbit For $80 mln

Korea’s second largest cryptocurrency exchange Korbit has sold to media giant NXC for up to $80 mln.

NXC, which owns online games platform Nexon, has now confirmed the deal which local media previously reported on earlier this week.

“NXC has been reviewing and investing in startups with digital idea and technology and this investment was made with our positive view on the growth cryptocurrency industry,” the company told TechCrunch Thursday.

Korbit was a first mover in an economy now representing one of the largest trading environments in the world for digital currency.

China’s second exit from the market means Korea is poised for supremacy in online trading, its exchanges having a profound effect on the price of assets they choose to list.

The official weight thrown behind Kobit signals a turning point in the corporate legitimacy of the crypto exchange sector, which until now has benefitted more from investments than takeovers.

NXC is acquiring 65 percent of Korbit, according to local news outlet Hankyung.

The future of trading in Korea could see the number two seed challenge the market dominance of Bithumb, the position of which has been marred this year by hacking.

Before Bithumb’s rise, Korbit represented South Korea’s major exchange.