The crypto rumor mill is churning again. What’s the news this time? According to a tweet from New York Times journalist Nathaniel Popper, South Korean investors might be buying the crypto exchange Bitstamp. The supposed acquisition is said to amount to about $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 (@nathanielpopper) March 22, 2018
This has yet to be confirmed publicly by Bitstamp or anyone else, but people already have a lot to say about the matter. Some are questioning the truth behind the rumor, while others are outright against the very idea of it.
Bitstamp is currently ranked as the 11th largest exchange by 24-hour volume, according to CoinMarketCap. In the past 24 hours, Bitstamp has traded $186 million, with Bitcoin (BTC) to US dollar (USD) in the lead at $118 million.
South Korea accounts for a hefty portion of crypto trading. Often, when news breaks from the country, the crypto market is affected in some manner. Currently, none of the cryptocurrencies traded on Bitstamp can be exchanged directly for the Korean Won, Korea’s fiat currency. Will this no longer be the case if South Korean investors buy out Bitstamp?