Internet Giant Naver Aims To Acquire Stake In Bithumb: Report

The South Korean internet giant Naver is looking to enhance its position in the crypto space by taking an equity stake in the biggest crypto exchange in the country-Bithumb, as per reports that we have in our latest cryptocurrency news.

The major South Korean internet giant Naver started negotiations to acquire a stake in crypto exchange Bithumb after it discussed a potential equity stake acquisition with the bithumb stakeholder Vidente according to local publication the Maeil Business newspaper reports, citing several unnamed sources.  Naver is the provider of the biggest search engine in the country as well as the Line Messenger and is also seeking to expand its platform’s presence in the fintech market of the company.
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The Internet giant wants to add BTC as a payment option on its payment services Naver Pay along with Line Pay in The US and Japan.

There are about 10 companies that are seeking a stake in Bithumb including the US investment banks such as JPMorgan, Morgan Stanley, and Visa as well as Binance. According to the reports by the Korea Times, Deutsche Bank also is one of the potential investors. Bithumb was the subject of multiple reports and rumors about potential acquisition deals in the past few years. The South Korean exchange was negotiating a sale with foreign companies as well since 2019 following an alleged difficulty with payments in the exchanges’ previous acquisition deals. Nexon also denied reports that it was acquiring a stake in the exchange.

Also as recently reported, Morgan Stanley considers acquiring the Bithumb crypto exchange. The news surfaced two days after the American banking giant decided to offer BTC funds to its clients via its traditional investment platform. BTC surged above $61,000 on the high institutional demand, which is an increase of more than 1500% from the March low. It seems that the report from the Naver media outlet revealed that Morgan Stanley considers acquiring Bithumb, suggesting that the bank will invest up to $442 million into the exchange based on the comments from an exchange representative.

Morgan Stanley entered a discussion with Bident which is an entity that holds a 10.3% stake in Bithumb to acquire the stakes in the exchange. Bident is a KOSDAQ company that saw its share surge one day after the prospects of its potential deal with Morgan Stanley.