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Morgan Stanley in talks to buy stakes in Korean exchange Bithumb
Leading US investment bank Morgan Stanley is reportedly in talks to acquire stakes in top Korean cryptocurrency exchange Bithumb. The move would be the first time the bank is getting involved with a cryptocurrency exchange as it looks to expand its presence in the crypto space.
Morgan Stanley to buy stakes in Bithumb
According to local media outlet Aju News, Morgan Stanley is in discussion with major Bithumb shareholder, Bident. Bident currently owns a 10% stake in Bithumb, and Morgan Stanley is looking to invest between 300 and 500 billion Won ($254 million to $441 million) in the crypto exchange.A source close to the talks revealed said that Morgan Stanley is using Bident because it believes Bident can negotiate a preferred sale to acquire Bithumb Holdings. Cryptocurrency analyst Joseph Young tweeted about this latest development yesterday.
Young said, "Wow. Morgan Stanley is reportedly bidding for Bithumb, South Korea's top crypto and bitcoin exchange, for a $2 billion valuation. Slowly, then surely. The explosiveness of institutional interest in this space right now is unprecedented."
Morgan Stanley expanding its crypto presence
Traditional financial institutions have been reluctant to enter the cryptocurrency market. They were not accepting Bitcoin and other cryptocurrencies in the past, but their stance changed in recent years.Morgan Stanley is one of the top financial institutions in the United States that is increasing its presence in the cryptocurrency space. Earlier this week, Cryptonary reported that Morgan Stanley would be offering its wealthy clients access to Bitcoin funds. Morgan Stanley is the first major United States bank to offer wealthy clients access to various Bitcoin funds.
The Bitcoin funds would be available to clients with over $2 million in assets held by the firm. In comparison, institutional investors would need a minimum of $5 million to qualify for the new stakes. Morgan Stanley would partner with Galaxy Digital, FS Investments, and NYDIG to offer its clients access to the Bitcoin funds.
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