Investment bank Morgan Stanley entered into negotiations to buy a stake in the South Korean cryptocurrency exchange Bithumb, reports Naver , citing sources.
According to him, Morgan Stanley is interested in acquiring a stake in the Korean crypto exchange and is ready to invest from 300 to 500 billion won ($ 254-441 million). Negotiations are allegedly going through Bident, which owns 10% of Bithumb Korea. Bithumb’s valuation is expected to be around $ 2 billion.
According to the publication, discussions with the new investor began amid difficulties in a deal with NXC Corporation, which owns the 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 faded into the background, the publication said.
This week, the media learned about Morgan Stanley’s plans to give high-net-worth clients access to Bitcoin investments through specialized funds. At the same time, Morgan Stanley itself admitted that the appropriate allocation of bitcoin in the investment portfolio could be up to 2.5% of the total volume.