Top U.S investment bank, Morgan Stanley, is looking to acquire shares in one of the biggest crypto exchanges in South Korea, Bithumb. Before the bank stated its intentions, the exchange was preparing for NXC Corporation, the parent company of popular gaming firm Nexon, to acquire it but the deal failed to materialize as the negotiations were rather too slow.
Morgan Stanley is set to take advantage of that lax now as it is determined to acquire Bithumb. The bank is willing to invest around $44.1 million ($50 billion Won) into the crypto exchange company.
We recently reported that Morgan Stanley was going to begin offering its wealthy clients access to bitcoin funds. The bank begun considering this venture due to the increased pressure being placed on it by its clients who would like to invest in cryptocurrencies.
According to the report, the investment bank would only allow clients who fulfill certain threshold to invest up to 2.5 percent of their asset into a Bitcoin fund.
Notably, Bithumb is one of the leading crypto exchanges in Japan. As of January, the firm recorded over 700 percent new registrations on its platform. Also, its valuation is expected to rise to $2 billion and in the previous year, it was able to generate over 20 billion won ($17.7 million) in operating profit.