Nexxus to Buy One Store for $45.3 Million, Expand Web3 Gaming Platform

Nexxus, the operator of blockchain-based Web3 gaming platform CROSS Protocol, said June 18 that it will acquire app marketplace One Store.

The board approved the purchase of 20,247,990 One Store shares, representing an 89.03% stake, for about 62.6 billion won ($45.3 million). Sellers include SK Square, Naver, Steel No. 1 First and Krafton.

As part of the deal, SK Square, Naver and Krafton will also become strategic investors in Nexxus. The company plans to expand its gaming platform business while maintaining One Store's existing business base and partnerships.

Nexxus aims to develop One Store into a game-focused platform. It plans to integrate its gaming infrastructure into One Store, including a web shop, payments, community features, a quest platform, a streamer platform and a rewards system.

It also plans to expand One Store's global version into what it described as the world's first Web3 game store. The goal is to create an environment where games from multiple chains can be offered on a single platform, supported by blockchain features including wallets, stablecoins, a decentralized exchange, staking and bridges.

Nexxus also plans to rename its mainnet, CROSS, to OneChain, and its native token, CROSS, to ONE. It said it will build an integrated brand system linked to One Store for domestic and overseas business expansion.

Chief Executive Officer Jang Hyun-guk said the company will offer players a more enjoyable experience and provide game developers with stronger solutions. He added that Nexxus will pursue its vision of becoming the world's top gaming platform as artificial intelligence and blockchain drive a paradigm shift.