The American investment banking powerhouse Morgan Stanley has dismissed reports linking it to a possible M&A deal for the South Korean market-leading crypto trading platform Bithumb as “unfounded.” Meanwhile, Binance reiterated that they’re always open for possible partnerships.
“The reports that [Morgan Stanley] has plans to acquire a stake in Bithumb are untrue.”
In recent days, a series of reports from reputable news outlets in South Korea have suggested that a large number of parties are vying for a stake in the platform, which was put up for sale in the second half of last year – as confirmed to Cryptonews.com by the sale broker, Samjong KPMG.
After the initial report of Morgan Stanley’s interest, further reports linked the domestic internet giant Naver to a possible deal, alleging that talks had taken place between Naver and Vidente, a video hardware provider that has a minority stake of at least 10.3% in Bithumb.
Multiple sources claim that Vidente may be able to enjoy preferential bidder status due to its existing holdings, a fact that has reportedly driven a number of other companies to negotiate with it.
Reports from the weekend also named the payments giant Visa and Germany’s Deutsche Bank as interested parties, in addition to the crypto exchange giant Binance.
A South Korea-based Binance spokesperson told Cryptonews.com,
“We are always open to considering strategic partnerships and investments at any given time. We will certainly reach out if and when we are ready to share any updates.”
The spokesperson did not elaborate any further. Visa and Deutsche Bank did not respond to our requests for comment.
News1, however, reported that the trail “may have gone cold” on the potential sale, which has returned to “labyrinthine” levels of confusion.
The gaming giant Nexon, which owns the Bitstamp and Korbit exchanges – is widely reported to have tabled a bid back in January, with media outlets reporting at the time that a deal was “all but done.”
That deal, however, is believed to have hit a roadblock with the exchange and Nexon reportedly in disagreement about who would be liable in the case of a hack.
– Next 2-3 Years ‘Should Be a Turning Point for Bitcoin’ – Deutsche Bank
– ‘Time To Get Educated’: Morgan Stanley Brings BTC Funds To Rich Clients
– IPOs, M&As, and New Token Sales To Bring Fresh Capital For Crypto in 2021
– Bithumb Must Compensate BTC Address Book Mixup Customers – at 2018 Prices
– Bithumb Boss: Only 4-7 Korean Crypto Exchanges Will Survive Regulations
– Crypto Exchange Bithumb: Beware Bogus Brokers Posing as Our Staff
– PayPal Acquires Bitcoin Custodian Curv