The American bank, showing high activity in the cryptocurrency market, is preparing to acquire a stake in the South Korean Bithumb.
The American bank intends to acquire part of the shares of the Bithumb cryptocurrency exchange. Previously, it was expected that the exchange from South Korea will become part of Nexon, the Japanese-Korean game publisher behind some projects in the Counter-Strike, FIFA and Final Fantasy series. However, negotiations between the two Asian companies dragged on.
Morgan Stanley, where they also came up with the idea to open access to bitcoin funds to clients, is ready to invest $ 44 million in Bithumb. The operating profit of the cryptocurrency trading platform was $ 18 million last year, and the total valuation of Bithumb was $ 2 billion.
Investment group NYDIG, of which Morgan Stanley is a partner, expects the rest of the companies to follow the example of a large American bank and become active in an emerging direction. NYDIG, Morgan Stanley and Mass Mutual are working on an initiative that will open up digital assets to a wider audience.
As for Bithumb, the Korean company is taking steps to comply with the country’s updated legislation. Bithumb will use the Chainalysis Reactor tool to identify suspicious activity among traders.