Bitstamp, one of the most established bitcoin exchanges having been in operation since early 2011, is rumored to be sold on to the South Korea public in the near future,. According to the New York Times journalist Nathaniel Popper. The sale is set to value the crypto giant at over $400 million.
Along with all the other news about virtual currency exchanges, I’ve heard from numerous sources that one of the oldest exchanges, Bitstamp, is in the final stages of being sold to South Korean investors for ~$400m. Neither the exchange nor the buyers are commenting.
– Nathaniel Popper
Source : https://twitter.com/nathanielpopper/status/976855339927785473
The news have split the majority of crypto users with some against the move as it may affect services for users in the future. With the laws surrounding crypto sketchy in the country and news of Korean crypto executives embezzling user funds as reported previously, many are concerned about their own assets. This adds to the indecision of the state as at one point rumors spread of a potential blanket ban while a few weeks later news was released of a “potential” softening stance with regards to crypto use.
To conclude, Bitstamp is set to be sold to the South Korean public according to current information. While no date has been set for the sale, it is estimated the sale puts the valuation of Bitstamp at $400 million. There has been reported criticism of the exchange as due to the ambiguous positon of crypto in the country, some are arguing what prospects the exchange will have once effectively handed over to South Korea. On the other hand, supporters of the future deal argue that nothing client side should change as is the case for many ownership transfers which have remained uneventful in the past.