Naver is allegedly seeking to strengthen its own place in the crypto industry using a possible equity stake in South Korea’s biggest crypto exchange.
Leading South Korean online firm Naver has allegedly started discussions to get a stake in the nation’s biggest cryptocurrency market, Bithumb.
Naver is the supplier of South Korea’s biggest search engine and Line messenger, also is allegedly trying to expand its platform existence in the nation’s fintech marketplace. The online giant is reportedly planning to include Bitcoin (BTC) as a payment option to its own payment solutions Naver Pay too as Line Purchase Japan and the USA.
As mentioned, there are 10 companies looking for a bet in Bithumb including leading U.S. investment banks such as Morgan Stanley and JPMorgan, payment giant Visa, in addition to the world’s biggest crypto market, Binance. As per a report from The Korea Times,” Deutsche Bank is also one of prospective investors.
Bithumb has become the topic of multiple rumors and reports regarding a possible acquisition bargain over the last several decades. The South Korean crypto giant has allegedly been negotiating the sale together with overseas firms because at least 2019, following alleged issues with obligations in Bithumb’s past purchase prices. Gambling conglomerate Nexon denied reports that it had been acquiring a bet in the market.