US-based major investment bank Morgan Stanley is in negotiations to buy a stake in South Korean leading crypto exchange Bithumb, per local media reports.
It was reported by Asiae and Naver, citing an undisclosed source within Bithumb.
Accounting firm Samjong KPMG, an M&A advisor for Bithumb, confirmed last September to Cryptonews.com that the exchange is for sale. A price of between USD 430 million and USD 602 million has been mentioned in the local media.
Meanwhile, Morgan Stanley itself is accelerating its crypto offerings. This week, it was revealed that the bank aims to offer three bitcoin (BTC) funds to its rich clients as early as next month.
“For speculative investment opportunities to rise to the level of an investable asset class that can play a role in diversified investment portfolios required transformational progress on both the supply and demand sides. With cryptocurrency, we think that threshold is being reached,” the bank also said, adding that it’s time for investors to get educated about cryptoassets.
Cryptonews.com has contacted both Morgan Stanley and Bithumb for comment.
(To be updated)
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