American multinational investment bank Morgan Stanley is currently in talks to acquire a stake in top South Korean cryptocurrency exchange Bithumb, local news outlet Naver reported on Friday.
“Morgan Stanley participated in the acquisition of Bithumb,” a source, who is reportedly a senior Bithumb spokesperson, said.
Per the report, Morgan Stanley is considering investing between 300 billion and 500 billion Korean won ($254 million and $441 million, respectively) via Vidente, which owns a 10% stake in Bithumb.
“The reason Morgan Stanley used Vidente is because it understood that Vidente has the right to negotiate a preferred sale to acquire Bithumb holdings,” another source told the outlet.
According to the publication, discussions with the new investor began amid difficulties in a deal with NXC Corporation, which owns gaming company Nexon and acquired Bitstamp, Europe’s oldest exchange, in 2018. While NXC has also shown interest in buying a stake, Morgan Stanley’s offer has
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