The American banking giant is willing to acquire a stake in South Korea’s top cryptocurrency exchange
American investment bank Morgan Stanley is reportedly set to acquire a stake in Bithumb, one of South Korea’s largest cryptocurrency exchanges, according to Naver News.
Bithumb was originally supposed to be acquired by NXC Corporation, the holding company of gaming company Nexon, but the deal appears to over at this point due to “sluggish and slow” negotiations.
Bithumb’s valuation is expected to reach $2 billion. In 2020, it generated 20 billion won ($17.7 million) worth of operating profit.