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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 TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind

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XRP TipBot goes online after a tiny downtime
Source: Unsplash

XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.





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