Nexon holding company NXC looking to sell stake in South Korean exchange Korbit

NXC, the largest shareholder of Korbit, one of the top five crypto exchanges in South Korea and the holding company of South Korean gaming giant Nexon, is looking to sell 48% of its shares, sources said. NXC acquired 62% of Korbit's shares in 2017 for 93 billion won, and its shares were diluted in 2021 after SK Square, an investment company of SK Group, joined as the second largest shareholder. However, an NXC official said, "We are unable to make a formal statement at this stage." According to reports, Korbit’s performance has gradually deteriorated in the six years since it was acquired by NXC. Korbit's net operating losses were 7.5 billion won in 2018, 13.5 billion won in 2019, 8.6 billion won in 2020, 2.7 billion won in 2021, and 35.8 billion won in 2022, with a deficit also expected in 2023. NXC stated at the outset of its investment that it was not directly involved in the management of Korbit. Industry analysts said that even if Korbit was in trouble, NXC did not give the exchange significant support. (Chosun Biz)