Game company Nexus is acquiring One Store, a homegrown Korean app market.
Nexus held a board meeting Tuesday and disclosed that it will acquire 20,247,990 shares of One Store, an 89.03% stake held by SK Square, Naver, Steel Number One Cha, Krafton and others, for approximately 62.6 billion won.
SK Square, Naver and Krafton participated in the acquisition as strategic investors, agreeing to maintain One Store's existing partnerships and ecosystem. Nexus also disclosed the same day that it would raise approximately 39.5 billion won by issuing a total of 17,171,788 shares to SK Square, Naver and Krafton, the counterparties in the One Store acquisition, through a third-party allocation paid-in capital increase.
Nexus plans to use the acquisition as an opportunity to develop One Store into a global "game hub" combining artificial intelligence (AI) and blockchain. One Store is currently installed on more than 38 million mobile devices in Korea. Nexus plans to combine its own web shop, payment and community platforms with One Store, and expand it into a game store equipped with Web3 functions such as wallets, stablecoins, decentralized exchanges and staking. The company also presented a goal to develop it into an "AI-native game platform" that analyzes and curates even AI-created games in real time.
The company is also unifying its brands. The on-chain game platform mainnet "Cross" will be changed to "One Chain," and the token "Cross" will be changed to "One." Jang Hyun-guk, CEO of Nexus, said, "One is the vision of an integrated AI and blockchain game platform that connects players, developers, games and economies around the world."
Even after the acquisition, the partnerships and business structure that One Store has built will be maintained. Nexus will retain One Store's content distribution business lines, including games, apps, webtoons and web novels, and continue existing cooperative relationships with telecom carriers and major partners, focusing on strengthening One Store's core business competitiveness.
