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Responding to a rapidly permeating rumour that Nexon – a US$11.5 billion gaming giant – was in the process of acquiring the world’s longest-surviving Bitcoin (BTC) exchange, the Luxembourg-based Bitstamp, on Wednesday was Nexon’s (Korean subsidiary) chief executive Lee Jung-hun.

Speaking at a press conference from the Nexon Korea head office in Pangyo, the CEO was frank in stating:

“Nexon Korea does not have anything to do with a Bitstamp acquisition.”

To drive the point home, Jung-hun added that Nexon Korea does “not have any plans to link cryptocurrencies with [their] game business.” The CEO did however offer a caveat, revealing that the gaming giant could not definitively rule out the possibility that Nexon would adopt distributed ledger technology sometime in the future.

Should they do so, it’d almost certainly apply to their existing business (i.e., developing games), and not in the form of some capital venture into the crypto-ecosystem, as had been reported by Business Insider earlier on Wednesday.

What Was (Mistakenly) Reported?

Citing two sources close to the alleged offering, the article reported that “the European cryptocurrency exchange Bitstamp is up for sale,” and that “a South Korean gaming company is said to be in pole position to acquire it.”

Regarding the bid’s size that was being offered by the ~$11.5 billion multinational (via NXC, the holding company of Nexon Group), it was reported to be “about $350 million,” – over four times what they spent for their majority stake in Korbit last year.

Giving the report some believability (before Jung-hun falsified it), was the fact that late last September, the gaming multinational (indirectly) became the majority owner of South Korea’s third largest cryptocurrency exchange, Korbit.

Their parent company paid 91.3 billion KRW (~US$79.5 million) for 65.19 percent of Korbit; valuing the South Korean exchange at over $120 million. At the time, this breakthrough deal served as a strong indicator that corporate incumbents were very much aware of the nascent cryptocurrency space – and by extension – the distributed ledger technology underpinning it all.

Image From Shutterstock

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