Nexon, a South Korean gaming giant, who bought the Bitstamp and Korbit crypto exchanges, has reportedly traded one of its most significant blockchain subsidiaries – with some specialists declaring the move may point to an industry transformation for the gaming firm and its proprietor Kim Jong-Ju, as he moves away from crypto and toward fintech.
According to Chosun, NXC, Nexon’s holding company, sold a 100% stake in Blockchain Entertainment Lab in a deal worth USD 903,000. The buyer seems to be the prevailing CEO of the Lab, Noh Ki-Tae. The sale allegedly occurred in late September but was kept stringently under wraps until today. The Lab was worth an approximated USD 1.4m at the time of purchase, and there is no evidence as to why the firm was sold at a reduced rate.
The Lab was previously a gaming venture named Rushmo, which was incorporated as a Nexon affiliate in 2009. In 2018, Kim announced that it would become a wholly devoted blockchain arm: a blockchain technology research and R&D unit.
Kim, who bought South Korean exchange Korbit in 2017 and European exchange Bitstamp in 2018, has not spoken out on the reasons behind the sale.
However, some industry experts told the same media outlet that they believed Kim was looking to move away from the crypto sector and focus on fintech-related business interests, pointing to a deal back in March that saw NXC invest in a fintech firm based in the British Virgin Islands.
The company has also recently launched Aquis, a fintech company that allows traders to trade securities and financial products via apps, including crypto, in game-like environments.
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