Bitstamp, a Luxembourg-based Bitcoin exchange, has been acquired by NXMH, a private equity, and investment firm based in Brussels in an all-cash deal the exchange report on Monday.

Bitstamp, which was founded in 2011 and is headquartered in Luxembourg, became the world’s oldest-surviving exchange last year when China-based BTCC shut its doors after the country banned cryptocurrency trading platforms. The platform’s 24-hour trading volume is above $500 million, which makes it the world’s 10th-largest exchange.

NXMH, with assets under management of more than 2 billion euros, is the European subsidiary of South Korea-based NXC, which invests in digital technologies. NXC also owns South Korean cryptocurrency exchange Korbit. Bitstamp and Korbit will operate independently.

While Bitstamp has been approached by suitors for some time now, the exchange finally decided to sell due to a combination of the quality of the buyer, the quality of the offer, and because the exchange feels that the industry has now reached a point where consolidation makes sense.

Kodrič will remain CEO of Bistamp and does not expect anything to change for either the company’s customers or its 180 employees following the acquisition. Through the purchase, NXMH acquires an 80 percent stake in Bitstamp. Kodrič retains a 10 percent ownership interest in the exchange.

Bitcoin Exchange Bitstamp Acquired By European Investment Firm NXMH

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