Market News

China's Tech Giant Tencent Exits Rumors of Acquiring Binance-Listed Nexon

Recent rumors surrounding Tencent's potential acquisition of Nexon have been officially denied by sources close to the Chinese tech giant.

Reports had circulated that Tencent was considering purchasing the South Korean gaming company Nexon at a valuation of approximately $15 billion.

However, insiders clarified that Tencent has not initiated contact with the Nexon founding family regarding this supposed deal.

Nexon, which was established in 1994 and has gained popularity with titles like "MapleStory," has been looking to expand its footprint in the gaming industry.

The company recently announced the launch of "MapleStory Universe," a Web3 venture using the Avalanche network.

As part of this initiative, Nexon has introduced its native token, NXPC, which has been listed on prominent exchanges including Binance.

Despite these developments, Tencent's focus appears to remain independent rather than pursuing acquisitions at this time.

The gaming industry continues to witness significant movements, particularly in the cryptocurrency space with gaming-related tokens gaining traction.

Investors will be keen to observe how Nexon capitalizes on its new Web3 strategy and the ramifications for its relationship with Binance.

This clarification from Tencent helps maintain stability in the market amid a flurry of speculative activities surrounding major players.