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Morgan Stanley rumored to be eyeing stake in prime Korean alternate Bithumb



In line with Korean media, U.S.-based multinational funding banking big Morgan Stanley is rumored to be negotiating the acquisition of a big share in main Korean cryptocurrency alternate, Bithumb.

The information was reported on March 18 by Aju Information, with Bithumb reportedly in discussions with main Bithumb shareholder, Bident — who owns a roughly 10% stake in Bithumb Korea.

A March 19 article from main native search engine Naver states that Morgan Stanley is planning to take a position between 300 and 500 billion Korean received ($254 million to $441 million). The report cited an nameless senior Bithumb consultant as stating, “Morgan Stanley participated within the acquisition of Bithumb.”

“The explanation Morgan Stanley used Bident is as a result of it understood that Bident has the best to barter a most popular sale to accumulate Bithumb Holdings,” mentioned a second nameless supply acquainted with the matter.

Cointelegraph markets analyst Joseph Younger shared the information to Twitter, noting Bithumb is focusing on a $2 billion valuation.

The information comes two days after Cointelegraph reported on an “inner memo” from Morgan Stanley saying the agency will launch three funds enabling Bitcoin possession for rich clients with “an aggressive threat tolerance.”

Eligible shoppers should be accredited traders and maintain a minimum of $2 million price of capital with the corporate. Minimal investments into the funds are $5 million.

Commenting on the information, Devin Ryan of U.S. funding financial institution JMP Securities predicted Morgan Stanley’s crypto-friendly funds will immediate different monetary establishments to discover providing their shoppers publicity to digital property.

“Motivations vary from lacking the chance at greatest, or at worst, seeing enterprise disruption if shoppers resolve higher alternate options exist, which might negatively affect development or aggressive positioning,” Ryan mentioned.

Morgan Stanley didn’t instantly reply to Cointelegraph’s request for remark.