Morgan Stanley Bidding for South Korean Cryptocurrency Exchange Bithumb

Morgan Stanley and NYSE’s parent company Intercontinental Exchange (ICE) were revealed as interested parties in acquiring South Korea’s largest crypto exchange Bithumb.

According to a South Korean media report, the negotiation for Bithumb’s ownership has been delayed since last year due to Bitcoin’s volatility and parties disagreeing on certain terms.

In November last year, South Korean gaming giant Nexon had almost closed the deal with Bithumb for a valuation of $450-$600 million. The crypto market has transformed significantly since then—with Bitcoin rising nearly 300%. The expected value of the crypto business has now risen to $2 billion.

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