Naver Joins Race for Bithumb

South Korean web organization Naver has purportedly started dealings to procure a stake in the country’s biggest digital currency trade, Bithumb. The leading web firm has talked about a potential equity value stake with major Bithumb partner Vidente, according to the Maeil Business Newspaper.

Naver is the supplier of South Korea’s biggest web search tool and also the popular Line Messenger, which is currently raved in South Korea and other parts of the world and has been dubbed one of the fastest-growing mobile messengers in the world.

The company is allegedly trying to extend its services into South Korea fintech industry by adding Bitcoin as one of its payment options. The new service will be offered on its flagship products, Naver Pay and Line Pay, in Japan and the United States.

There are now a number of firms looking for a stake in Bithumb, including major U.S. venture banks like JPMorgan and Morgan Stanley. Major player Visa has also been reported to have rumored interest alongside the world’s biggest cryptocurrency exchange, Binance. Deutsche Bank is also one of those companies interested in having a stake in the leading crypto exchange company.

Bithumb has been the subject of numerous reports as regards potential bids and purchases from companies like Nexon in recent years. It is rumored that the trading company has been navigating unsuccessful purchase deals since 2019. Many of the major players linked to this, like Nexon, have since denied their involvement.

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