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Crypto Exchange Bitstamp Acquired by Belgian Investment Firm in ‘All Cash Deal’

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https://cointelegraph.com/news/crypto-exchange-bitstamp-acquired-by-belgian-investment-firm-in-all-cash-deal

Nejc Kodrič, CEO of the Luxembourg-registered exchange, reportedly revealed the deal had been closed Oct. 25, but declined to share the full terms. The CEO told Reuters that in 2016 Bitstamp was valued at $60 million, up from $39 million in 2014.

NXMH is a family investment holding firm — operatingas a subsidiary of Barclays — which has over 2 billion euros in assets under management and makes European consumer and tech investments.

Edited by Pablo
Moved to correct sub and provided proper byline

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29 OCT 2018

Dear Bitstamp customers,

Today I am pleased to announce that Bitstamp has been acquired by NXMH, a Belgium-based investment company. 

Bitstamp has been regularly approached by suitors for quite some time. The reason why we finally decided to sell the company is a combination of the quality of the buyer, the quality of the offer and the fact that the industry is at a point where consolidation makes sense. A major factor in agreeing to the sale is that the mission, leadership and vision of the company remains the same.

I want to assure you that Bitstamp remains Bitstamp. We will continue to innovate with the goal of giving our customers the absolute best trading experience. It is business as usual here. We do anticipate that this acquisition will strengthen Bitstamp’s positioning for growth, which will provide opportunities to better serve our customers. Customers should not have any concerns about their accounts or changes to the way we operate. 

Bitstamp has come a long way since we started in a garage with two laptops and EUR 1000 seven years ago. We believe this acquisition is the logical next step in Bitstamp’s growth as a company and I look forward to the future with this team. 

Best,
Nejc Kodrič
CEO, Bitstamp

 

Quote

 

NXMH is a family investment holding based in Brussels, Belgium with over €2 billion in assets under management, managing the wealth of an Asian tech entrepreneur. We have a flexible investment horizon, with the ability to invest for the long term. What we look for are investments in European consumer and technology companies, with a solid management team, a premium brand and untapped international growth potential. Our focus is on majority buy-outs, but we will also consider minority investments. We aim to provide hands-on support and specifically bring: - Strong Asian angle (through our in-depth knowledge of China, Korea and Japan) - Digital mindset (with access to over 1000 developers) - Proven buy & build track-record (building a $10+ billion business through 50+ acquisitions) - Entrepreneurial spirit (appetite to support ambitious projects)

 

Edited by Lurker123

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I had a strong feeling this would occur. There is too much competition in the market for these exchanges to stay profitable and their liabilities are probably increasing. This allows for an attractive buyout price by a holding company or asset management firm to come in and make them profitable by throwing throwing financial and human capital into Bitsamp, or merging them into another asset they might own. Unfortunately I don't know much about this company that bought them to form an opinion on the future of Bitstamp. 

Edited by TheXRPer

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5 minutes ago, kenrino said:

not sure how I feel about this as a customer

Money moves. I am a customer there too. My first Exchange. Very pleased so far since autumn 2017 when I got KYC:ed. I do not mind a investor from Asia buying it. Not all all.

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13 minutes ago, AlibabaGrp said:

What does this have to do with XRP?

This was one of the very first crypto exchanges that I registered for back in the good old days when I dabbled in some gpu mining and traded for BTC and LTC. At that time  I got free XRP for contributing my laptop and desktop CPU for this endeavour:  https://ripple.com/insights/computing-for-good-ripple-labs-launches-global-xrp-giveaway/

This was also one of the few exchanges that stood the test of time ..Now fast forward to 2018 .. 5 years later...I hope it continues to be one of the better/more secure exchanges..

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the best euro crypto exchange. hope they stay good and safe as they are. Big thanks and respect to Nejc and Damijan for their "garage project"  which started with two laptops and 1000 euros.. 

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