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Korean Conglomerate Buys One of World’s Oldest Crypto Exchanges

Oct. 29, 2018, 3:45 PM

South Korea’s NXC Corp. bought one of the world’s oldest digital-asset exchanges, increasing its bet on cryptocurrencies even as prices remain depressed after an epic crash earlier this year.

The deal for Bitstamp was reached on Oct. 25 and will allow co-founder and chief executive officer Nejc Kordic to keep running the exchange, the companies said in a statement Oct. 29. Financial terms of the transaction weren’t disclosed. Kordic will keep a minority stake in Bitstamp as will Pantera Capital Management LP, which owns 6 percent, according to the statement.

NXC, which made the investment through a European unit, is ...