Morgan Stanley to acquire stake in Bithumb, the Bitcoin exchange

One of the largest American banks, Morgan Stanley, is set to acquire a stake in Bithumb, the South Korean cryptocurrency exchange, according to Naver News.

According to the report, the bank intercepted negotiations to purchase a stake in the operator of the platform, which were led by the gaming group Nexon Group. The company previously denied plans to acquire the exchange.

According to Naver, the deal is valued at around 300-500 billion won (~$265-$440 million).

The market value of Bithumb is expected to be around 2 trillion won (~$1.77 billion).

After acquiring the stake, Morgan Stanley is prepared to invest further in the platform.

Earlier, South Korean police are conducting an investigation into the chairman of Bithumb, Lee Jong-hoon. He is suspected of fraud and tax evasion.

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