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China: Gaming giant Tencent may acquire parent company of Bitstamp, Korbit Crypto Exchanges

Namrata Shukla

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China: Gaming giant Tencent may acquire parent company of Bitstamp, Korbit Crypto Exchanges
Source: Pixabay

The Chinese gaming giant, Tencent Holdings Ltd. is contemplating a bid for the gaming company in South Korea that hold Nexon, reported Reuters. The company is not only considering a deal but also making the company private.

According to the publication, the founder of the South Korean company, Kim Jung-ju is also planning to sell a controlling 98.64% stake in NXC Corp, Nexon’s holding firm. The 98.64% stake is held by Jung-ju himself and other related parties including his wife, as per the Korea Economic Daily. The stake is worth between $7.1 billion and $8.9 billion.

According to the sources of Reuters, Deutsche Bank and Morgan Stanley are running the sale, however, the two denied to comment. Goldman Sachs is chosen by Tencent to be its adviser, and other potential bidders as per reports are, KKR & Co Inc, TPG Capital, Calyle Group, and MBK Partners.

Nexon has developed more than 80 live games in over 190 countries since it was founded in 1994. The hit games of the company include IP-franchise like MapleStory, Dungeon & Fighter, Sudden Attack, and KartRider. The company bought a stake in Bitstamp in 2018, took over ownership of Korbit in 2017, and owns soul license to operate Dungeon & Fighter in China.



The growing criticism of video games for being violent and causing problems like myopia and addiction among young users resulted in the crackdown from Chinese authorities. The authorities stopped approving titles from March to December. In this brief interval, Tencent had lost billion in its market value. The report states that even after authorities started greenlighting a limited number of games this month, Tencent’s offering is notably absent from the approval list.

However, the NXC purchase might give Tencent a foothold int he crypto-world and enable it to expand. According to a report from CCN, the famous gaming company Tencent, will be owning two major bitcoin exchanges.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

XRP

XRP shorts overtake XRP longs as USD shorts increase 85 percent on April 17

Akash Anand

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XRP shorts overtake XRP longs as USD shorts increase 85 percent on April 17
Source: Pixabay

The cryptocurrency market’s volatile behavior was reflected in the ‘buy-in and sell’ sentiments. Despite the bear market taking over again, analysis of the market shows that there are some silver linings. XRP, the third largest cryptocurrency in the market, has not had a fantastic start to 2019 and this was even shown during the recent bullish spike.

XRP was one of the worst performers among the top 10 club at a time when some of the other currencies saw double-digit gains and Bitcoin [BTC] broke the $5000 barrier. New analysis, though, points to the fact that there has been a significant rise in XRPUSD longs on Bitfinex, some even registering record gains. Reports from BehindtheLedger stated that:



“Some are discussing record high XRPUSD longs on Bitfinex. It’s good to look at the ratio of shorts to longs (or vice versa if you prefer) rather than just the longs though. Doing so reveals that shorts have increased more than longs in the past few days.”

At a time when the XRP shorts are on a high, the USD shorts were up by a massive 85 percent on April 17. The analysis from behindtheledger also admitted:

“This isn’t a price prediction and frankly, this indicator probably isn’t reliable

But it’s always good to look at both sides of the equation.”

XRP’s trade has been majorly influenced by developments in its realm with the last major claim coming from Coincheck as the organization provided over-the-counter trading support for Ethereum and XRP on its platform. The exchange had announced:

“ETH XRP has been added to the target currency for large OTC transactions! We are pleased to announce that ETH and XRP have been newly added as target currencies at the Large OTC Trading Service, which has started on April 1, 2019.”





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