Blockchain

Report: Major gaming conglomerate Nixon prepares to acquire Bithumb

South Korean media has reported that Nexon, a multi-billion dollar conglomerate led by CEO Kim Seong-Ju, plans to acquire the country’s largest cryptocurrency exchange.

Published

2 weeks ago

January 7, 2021

Republished by Plato

After a troubled few months, crypto exchange Bithumb looks like it’s set on turning over a new leaf through an acquisition by one of South Korea’s top gaming firms.

South Korean media reported on Jan. 7 that Nexon, a multi-billion dollar gaming conglomerate, has signed a memorandum of understanding, or MoU, to acquire the exchange at an evaluated price of 650 billion won ($460 million).

Nexon, led by CEO Kim Seoung-Ju, will reportedly work with one of the major shareholders in Bithumb, Vidente, to buy out the exchange and take control of the company, crypto journalist and Cointelegraph contributor Joseph Young has summarized. According to South Korean media, Nexon plans to take a 65% stake in Bithumb.

As the report notes, Bithumb’s existing shares are trading at a total value of 1 trillion won ($914 million) on the over-the-counter market, meaning that the deal, if successful, will allow Nexon to take over at a “discounted price.”

The sale of the exchange has reportedly been in the works since late August 2020, with a preliminary bidding held in September at which a number of financial and strategic investors, including domestic and foreign private equity fund managers, bid for success.

Yet the ongoing police investigation involving Lee Jung Hoon, chairman of board at Bithumb Korea and Bithumb Holdings, appears to have slowed down the process.

The report notes that the legal entanglement of the exchange’s current shareholders, who are also being sued for embezzlement by investors, could make it difficult for the exchange to secure the legally required registration as a crypto entity with South Korean authorities.

An acquisition and change in management could clear this regulatory obstacle. Young has commented that Nexon’s acquisition would, more generally, “improve the image around the most dominant crypto trading platform in the local market.”

Nexon’s holding company, NXC, has previously invested in cryptocurrency and fintechs, including the well-known exchange Bitstamp. Given Bithumb’s prime position as South Korea’s largest crypto exchange by trading volume, Nexon’s market dominance is expected to benefit if the acquisition is successful.

In the third quarter of 2020, the number of subscribers to Bithumb reportedly exceeded 5 million, and the company is said to have plans to expand its products and upgrade its compliance measures in the hope of securing a virtual asset business license.

Source: https://cointelegraph.com/news/report-major-gaming-conglomerate-nixon-prepares-to-acquire-bithumb

Related Topics:Acquisition blockchain Business Crypto crypto exchange Cryptocurrency Cryptocurrency Exchange Gaming investors Legal News South Korea volume

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Blockchain

Nevada Governor Includes Blockchain Technology Development in Economic Blueprint

Published

42 mins ago

January 21, 2021

Republished by Plato

Nevada Governor is looking to develop a special zone in the state, which would promote the development of blockchain technology.

Nevada Big on Blockchain Technology Adoption

According to the Reno Gazette Journal on Monday (Jan.19, 2021) Steve Sisolak, Governor of Nevada in a State of the State address, outlined plans to bring about economic recovery in the state, following the effect of the coronavirus pandemic.

As part of his address, Sisolak looked to develop “Innovation Zones”, which would encourage blockchain-focused firms to thrive in the state. The Nevada governor noted that a blockchain technology company called Blockchains LLC was already looking to invest in a part of the state. The company’s efforts in Nevada would place the state as the focal point for the emerging technology.

Although Sisolak did not elaborate on the proposed Innovation Zones, the Nevada Governor said there would be legislation. Sisolak added:

“It’s a proposal that we’re developing. What you’re going to see is an opportunity for major investment – and when I’m talking about major investment I’m talking about nine-figure investment in these businesses in these zones that will allow for a jump-start.”

Nevada has been known to welcome and encourage the development of distributed ledger technology (DLT). As reported by BTCManager back in 2019, Sisolak signed a number of blockchain-related bills, one of which sought to create a regulatory sandbox for fintech firms. Earlier that same year, Nevada employed DLT to issue birth and marriage certificates.

In December 2020, Nevada’s financial regulator also granted a trust license to major Hong Kong cryptocurrency exchange Huobi.

Apart from Nevada, other states in the U.S. have also adopted blockchain technology and crypto. Wyoming’s legislature set up a blockchain committee in May 2020 that would focus on areas such as digital property rights and digital identity.

Chainalysis, a blockchain analysis firm partnered with the Wyoming banking regulator to combat the use of digital assets for illicit activities such as money laundering. Wyoming also amended its insurance code that would allow insurance firms to invest in bitcoin and other crypto assets.

Another U.S. State Kentucky, also signed a bill back in April 2020 that would see the creation of a blockchain working group.

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Source: https://btcmanager.com/nevada-governor-blockchain-technology-development-economic-blueprint/

Blockchain

TA: Ethereum Steadies Above $1,280, Why ETH Could Restart Its Rally

Published

3 hours ago

January 21, 2021

Republished by Plato

Ethereum corrected lower and tested the $1,250 support zone against the US Dollar. ETH price is consolidating above $1,280 and it looks set for a fresh increase in the near term.

Ethereum is holding gains above the $1,250 and $1,280 support levels.
The price is currently correcting lower from $1,385, but it is above the 100 hourly simple moving average.
There is a crucial contracting triangle forming with support near $1,275 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct again, but it is likely to remain well bid above the $1,250 and $1,275 support levels.

Ethereum Price is Holding Key Support

Yesterday, we saw a downside correction in Ethereum below the $1,350 and $1,300 support levels. ETH price even spiked below the $1,280 support level and the 100 hourly simple moving average.

It tested the $1,250 support zone and recovered steadily above $1,300. There was a break above the $1,350 resistance and a close above the 100 hourly simple moving average. However, ether price failed to surpass the $1,400 resistance zone.

A high was formed near $1,388 and the price is currently correcting lower. It is testing the 50% Fib retracement level of the upward wave from the $1,251 swing low to $1,388 high. There is also a crucial contracting triangle forming with support near $1,275 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The triangle support is close to the 76.4% Fib retracement level of the upward wave from the $1,251 swing low to $1,388 high. On the upside, the triangle resistance is near the $1,360 and $1,365 levels.

The main resistance is near the $1,385 and $1,400 levels. A successful close above the $1,400 resistance could open the doors for a fresh surge towards the $1,450 and $1,480 levels.

Dips Supported in ETH?

If ethereum struggles to remains stable above $1,300, it could correct further. An initial support on the downside is near the $1,280 level and the triangle trend line.

The main support is now forming near the $1,250 level. If ether fails to stay above the $1,250 support, it could decline further towards the $1,180 and $1,165 support levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently close to the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,380

Source: https://www.newsbtc.com/analysis/eth/ethereum-steadies-above-1280/

Blockchain

Kraken Daily Market Report for January 20 2021

Published

4 hours ago

January 21, 2021

Republished by Plato

Overview

Total spot trading volume at $1.68 billion, 8% higher than the 30-day average of $1.55 billion.
Total futures notional at $750.6 million.
The top 5 traded coins were, respectively, Bitcoin, Ethereum, Tether, Polkadot, and Cardano.
Strong returns today from Curve Dao (+17%) and Mana (+8.9%).

January 20, 2021 $1684.5M traded across all markets today Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD
XBT $34827. ↓2.8% $693.8M	ETH $1320.9 ↓3.3% $547.8M	USDT $1.0004 ↓0.01% $168.2M	DOT $17.561 ↑7.3% $98.1M	ADA $0.3645 ↓0.6% $37.9M
XRP $0.2925 ↓0.7% $30.6M	LINK $21.131 ↑2.8% $30.5M	USDC $0.9999 ↑0.0% $24.9M	LTC $147.10 ↓3.0% $23.5M	XLM $0.2894 ↓2.8% $11.8M
BCH $493.17 ↓2.5% $11.0M	XTZ $2.8637 ↓0.24% $6.62M	ATOM $8.6476 ↓2.4% $5.85M	GRT $0.5118 ↓4.9% $5.32M	REP $23.266 ↑5.5% $5.13M
DAI $0.9998 ↓0.02% $4.99M	FIL $22.405 ↓1.2% $4.5M	UNI $8.7212 ↑1.8% $4.4M	YFI $33270. ↓3.3% $4.4M	KSM $106.22 ↑4.3% $4.38M
XMR $151.54 ↓3.6% $3.86M	AAVE $189.44 ↑1.6% $3.78M	WAVES $7.0911 ↑0.08% $3.46M	CRV $1.5485 ↑17% $3.39M	EOS $2.7554 ↓1.1% $3.25M
DASH $120.02 ↓3.4% $3.11M	ALGO $0.5353 ↑2.8% $2.49M	ZEC $98.494 ↓3.6% $2.29M	NANO $3.3128 ↓5.5% $2.28M	OMG $3.7666 ↓2.3% $2.21M
SNX $15.334 ↑1.2% $1.92M	TRX $0.0302 ↓1.3% $1.89M	KAVA $2.1977 ↓1.1% $1.54M	QTUM $3.1710 ↑0.12% $1.25M	ICX $0.7395 ↑6.3% $1.13M
COMP $208.88 ↓1.3% $1.11M	BAT $0.2737 ↑1.8% $1.11M	XDG $0.0089 ↓0.8% $1.07M	MANA $0.1321 ↑8.9% $1.02M	KEEP $0.3149 ↓2.9% $863K
SC $0.0050 ↑1.5% $812K	ETC $7.7530 ↓0.4% $695K	KNC $1.2653 ↑0.16% $684K	MLN $40.959 ↓4.8% $649K	LSK $1.4740 ↑6.9% $536K
REPV2 $21.115 ↓2.8% $521K	OXT $0.2914 ↓0.23% $483K	PAXG $1880.9 ↑1.6% $406K	BAL $21.470 ↓2.7% $244K	GNO $115.89 ↓4.0% $223K
ANT $3.9536 ↓1.3% $217K	STORJ $0.3956 ↓3.5% $191K	TBTC $36825. ↑1.6% $76.9K

#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset

The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (January 20 2021)

Figure 2: Mid-size trading assets: (measured in USD) (January 20 2021)

Figure 3: Smallest trading assets: (measured in USD) (January 20 2021)

#####################. Spread %. ##########################################

Spread %

Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (January 20 2021)

.

#########. Returns and Volume ############################################

Returns and Volume

Figure 5: Returns of the four highest volume pairs (January 20 2021)

Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (January 20 2021)

###########. Daily Returns. #################################################

Daily Returns %

Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (January 20 2021)

###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.