Gaming Giant WeMade Wants to Buy Bithumb – Report

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Another South Korean gaming big has been linked with a attainable deal to take over Bithumb, one of many nation’s largest crypto exchanges.

Per a report from Chosun, WeMade, the agency behind the Legend of Mir collection, is the most recent to categorical an curiosity in shopping for a stake within the crypto buying and selling platform, whose largest shareholder put his shares up on the market final yr, as confirmed to by the brokerage Samjong KPMG.

Chosun reported that curiosity from the rival gamemaker Nexon’s holding firm NXC had change into “sluggish,” as had interest from the web heavyweight Naver and world crypto change chief Binance, however that WeMade had “emerged as a darkish horse” within the race to purchase Bithumb.

The media outlet quoted an unnamed funding banking insider as stating that “overseas monetary corporations which have tried to take over have since withdrawn from the negotiation desk.”

The newspaper claimed its sources had confirmed WeMade was exploring a variety of choices, which may contain a purchase order of major shareholder Lee Jung-hoon’s stake (between 60% and 70%) as well as to a minority stake of round 10%-12% owned by the video {hardware} retailer Vidente.

Lee is assumed to be holding out for a bid of USD 628m, though events solely seem ready to spend within the area of USD 448m.

WeMade has advised a number of South Korean information shops, including Asia Kyungjae, that it had no remark to make on the stories, whereas a spokesperson for WeMade Tree, the gaming agency’s blockchain subsidiary, additionally declined to remark when questioned on the matter by

A earlier report linking a 3rd home gaming big – NCSoft – to a deal for Bithumb proved wide of the mark.

However, WeMade, and particularly its WeMadeTree subsidiary, has stepped up its crypto operations in latest months. The latter operates a crytoasset that’s listed on a number of exchanges each domestically and overseas, and has spoken about launching a crypto buying and selling platform. The agency has additionally launched blockchain gaming titles that make use of tradable currencies.

The WeMade Tree buying and selling platform will, the corporate has indicated, carry out as a market the place players should purchase and promote in-game gadgets, together with non-fungible tokens (NFTs).

Chosun reported {that a} stumbling block for the deal could also be the truth that Lee is wanting to make a money sale, whereas WeMade doesn’t have sufficient liquid belongings to make this occur. An unnamed trade insider acknowledged that WeMade may try to get round this by making an attempt to manage a shopping for consortium.
Learn extra:
Sales and Income Rocket at South Korea’s Biggest Crypto Exchanges
Morgan Stanley Rules out M&A Deal for Bithumb, Binance Is ‘Always Open’
Bithumb Boss: Only 4-7 Korean Crypto Exchanges Will Survive Regulations
IPOs, M&As, and New Token Sales To Bring Fresh Capital For Crypto in 2021
Legend of Mir Developer Plays For Success In Blockchain Gaming Market

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