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South Korea’s largest social networking site, Naver, recently reported on Morgan Stanley’s involvement in the acquisition of crypto exchange Bithumb.
Specifically, in the article, Morgan Stanley Investment Bank jumped into the acquisition of Korea’s largest cryptocurrency exchange. BithumbThis deal is currently being promoted by all parties.
“Morgan Stanley is in the process of negotiating to buy Bithumb. It is reported that the bank will buy back shares of Bithumb through Bident, because Bident owns stakes in Bithumb and is also one of the major shareholders of this exchange, “the article said.
Bithumb is one of the Crypto exchanges that are being targeted by many big guys. Previously, both JPMorgan and CME also negotiated to buy back Bithumb shares.
A senior official at Bithumb Holdings said:
“Morgan Stanley is keen to acquire Bithumb, as it is Korea’s largest crypto exchange. The bank may go through Bident to buy Bithumb ”
“If you want to sell or transfer shares of Bithumb Holdings, Morgan Stanley must get the approval of Bident”
Morgan Stanley’s willingness to take over Bithumb is arguably quite strong. Morgan Stanley is planning to secure a stake in Bithumb by investing about 300 ~ 500 billion won in the exchange.
300 ~ 500 billion won is a small number compared to the 4 trillion dollar fortune that Morgan Stanley is managing.
Morgan Stanley was one of the first major banks in the US to allow clients to invest directly in Bitcoin. This move by Morgan Stanley is expected to be an important opportunity for Bitcoin to be widely recognized.
It is estimated that Bithumb’s corporate value will reach 2 trillion won. In which the scale of operating profit in 2019 is 48.1 billion won, but for the three months alone this year, Bithumb has generated a profit of nearly 20 billion won.
The average daily number of users of Bithumb applications (apps) in February was 500,000 to 700,000, while the number of PC users reached about 1 million.
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