Disney May Gain Stakes in Korbit, Bitstamp Crypto Exchanges via Nexon
Through an offer to acquire a stake in Korean gaming company Nexon, Disney may end up owning stakes in some of the oldest digital asset exchanges.
Disney may soon acquire a controlling stake in the largest gaming company of Korea, Nexon, reported the Korea Herald. This means that through a chain of subsidiaries, the media giant may end up owning stakes in cryptocurrency exchanges Korbit and Bitstamp.
Nexon will sell a stake worth $13.2 billion, and reports show that Disney is a leading contender for the purchase. Reportedly, the CEO of NXC Corporation Kim Jung-Ju contacted high-ranking Disney representatives to discuss the acquisition. The price is for a stake of 98.6% in Nexon.
On its side, Nexon has acquired stakes in Korbit, one of the oldest Korean exchanges, as well as Bitstamp, the European-based market operator.
While the deal is still in the planning stages, Disney has emerged as a favorite, potentially showing the challenges of owning digital asset exchanges. Bitstamp is a rare entity among markets for recently gaining a BitLicense to operate legally in the state of New York.
Competitors on the deal are the Korean Kakao Corp, and the Chinese internet company Tencent. Kakao Corp. is a group with a marked interest in digital assets, having its own blockchain project arm, with various subsidiary digital asset projects.
Disney has made forays into blockchain a few years ago, by initiating Dragonchain. Since then, the media and entertainment giant has little to do with the project, releasing the Dragonchain project as open source in 2016.
Both Bitstamp and Korbit are relatively small exchanges compared to leading market operators. Korbit marked volumes of around $11 million on Thursday, while Bitstamp reached volumes of around $75 million. Larger markets see trading closer to $1 billion, yet Bitstamp is seen as reliable enough to be used for price reporting for the Bitcoin futures on the CME exchange, along with a handful of other reputable brokers.
South Korea remains one of the hotspots for cryptocurrency activity, with local giant Samsung expanding its involvement with digital assets as well.