If you haven’t heard about Tencent and you are an avid reader of our cryptocurrency news section, you are not the only one. However, things are definitely going to change from now on – and you should know that Tencent is a company that might soon become the proud owner of two major Bitcoin exchanges.
In fact, the $400 billion worth Chinese tech conglomerate is weighing a bid for the South Korean holding company that controls these exchanges. As Reuters reported, Tencent is actively pursuing the co-investors to purchase the South Korea-based NXC Corp. which is also the company behind the gaming firm Nexon. The stake at 98.64% which the founder wants to sell is worth approximately $7 to $9 billion.
Even though the company is primarily known for gaming, NXC owns multiple cryptocurrency exchanges including a majority stake in Korbit (second largest exchange in South Korea) as well as a 80% stake in Bitstamp which is the oldest Bitcoin exchange and a top-50 exchange with a monthly volume that is more than $1.8 billion.
If the plan works out for Tencent, it will definitely become one of the crypto pioneers and its share price could achieve an all-time high. Nonetheless, any NXC purchase would give Tencent a foothold in the crypto industry, providing it with the ability to quickly expand its reach if it ever had the inclination.
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