Bitstamp Acquired
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 October 2018
⏱️ 6 minutes
🧾️ Download transcript
Summary
- Cryptocurrency exchange Bitstamp has been acquired by NXMH, an investment firm based in Belgium and owned by South Korean conglomerate NXC
- The Korean government made waves last year when it moved to ban initial coin offerings from taking place in the country.
- Blockchain payments startup Ripple Labs has hired former Google executive Amir Sarhangi as its vice president of products.
- After nearly two weeks stagnating at around $6,400, bitcoin has finally made a move – to the downside.
- Cryptography startup StarkWare just closed a $30 million equity funding round led by Paradigm and featuring a number of other major investors, according to an announcement made Monday.
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Transcript
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| 0:00.0 | BitStamps long-rumored acquisition by a major Korean conglomerate has finally happened. |
| 0:06.7 | Good evening. I'm Bailey Reitzel, and this is late confirmation from CoinDisk, bringing you the top stories from October 29th. |
| 0:15.0 | Also on today's show, what today's Bitcoin price drop means for the original cryptocurrency, |
| 0:20.7 | and Ripple has a new |
| 0:22.1 | vice president of product that it pulled from a traditional tech giant. |
| 0:26.9 | Stay tuned for more on these stories on today's show. |
| 0:33.5 | Cryptocurrency Exchange BitStamp has been acquired by NXMH, an investment firm based in Belgium and owned by South Korean conglomerate NXC. |
| 0:47.1 | In a deal signed last Thursday, the firm took a majority ownership stake in the crypto exchange. |
| 0:53.1 | BitStamp CEO Ned's Kodrich will retain a |
| 0:56.2 | minority ownership stake and continue running the startup's operations. The terms of the deal, |
| 1:02.0 | including the sale price, were not disclosed. BitStamp backer Pantera Capital will also |
| 1:07.3 | retain a 6% ownership stake in the exchange, according to statements, and Bit Stamp will |
| 1:12.5 | continue to operate independently. NXC also owns the South Korean cryptocurrency exchange Corbett. |
| 1:19.5 | Public filings released earlier this year had linked NXC and BitStamp. |
| 1:26.5 | The Korean government made waves last year when it moved to ban initial coin offerings |
| 1:31.1 | from taking place in the country. Yet today, some Korean lawmakers from the opposition |
| 1:36.7 | party have countered these concerns, advocating for the legislation of ICOs. In a situation |
| 1:43.0 | where the incumbent government is struggling |
| 1:45.2 | with economic issues, including a decline in employment |
| 1:49.0 | and skyrocketing housing prices, |
| 1:51.1 | it's perhaps natural that the opposition party |
| 1:53.7 | would rally behind an emerging technology |
... |
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