One of the largest American banks, Morgan Stanley, intends to acquire a stake in the South Korean cryptocurrency exchange Bithumb, according to Naver News.
According to the publication, the bank intercepted negotiations on the purchase of a stake in the platform operator, which was led by the gaming corporation Nexon Group. The company previously denied plans to acquire the exchange.
According to Naver, the deal is in the region of 300-500 billion won (~ $ 265- $ 440 million).
The market valuation of Bithumb is expected to be 2 trillion won (~ $ 1.77 billion).
After purchasing a stake, Morgan Stanley is ready to invest further in the platform.
South Korean police are investigating Bithumb chairman Lee Jong Hoon. He is suspected of fraud and tax evasion.
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