Nexon has been regarded as one of the biggest American game developers known for its range of massively multiplayer online titles. Recently it made the foray into cryptocoin technology as it announced the purchase of Korbit. Korbit has risen to become one of the biggest bitcoin exchanges in South Korea garnering a average trade volume of well over 11000 Bitcoin. Purchasing well over 91.3 Billion Korean won worth of stocks the firm managed to acquire 65% of Korbits stocks allowing full access to the exchanges management.
Korbit is currently one of the biggest bitcoin exchanges in the world, turning over well over $17 million everyday in bitcoin trading alone, not accounting for other trading markets such as ethereum and Ripple which have also been booming recently. Nexon too have realized the potential as sources reported the company’s prediction that such technology will explode over the next few years.
“We are currently investing at the level of a virtual money exchange centered on venture capital,” said a Pingtek (financial technology) industry official. “We have diversified investment areas in preparation for the blockchain technology being applied to existing industries such as financial securities distribution. It is expected to be done. ” Translated from Korean
To conclude, Nexon, a well known game developer have purchased a significant stake in the bitcoin exchange Korbit. With other app developers such as Dunamu also announcing their plans to develop a bitcoin exchange with the aid of Bittrex, many new organizations are delving into cryptocoin technology. South Korea has become a hotbed for bitcoin development considering larger markets such as China have begun their crackdowns on cryptopcoin use as reported previously. With Nexon reportedly purchasing 65% stake in the crypto exchange, the development is likely to help Korbit increase its trading capabilities considerably.