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Morgan Stanley Bidding for Stake in South Korea’s Top Crypto Exchange

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Fri, 19/03/2021 - 5:12
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Morgan Stanley Bidding for Stake in South Korea’s Top Crypto Exchange
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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.

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Naver reports that Morgan Stanley is quite determined to take over Bithumb. The wealth management giant—which recently allowed its wealthy U.S. clients to access Bitcoin funds— is willing to invest up to $50 billion won ($44.1 million) into the exchange.  

Bithumb’s valuation is expected to reach $2 billion. In 2020, it generated 20 billion won ($17.7 million) worth of operating profit.  

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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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