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South Korean internet giant Naver reportedly joins Bithumb stake race

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Main South Korean internet firm Naver has reportedly begun negotiations to amass a stake within the nation’s largest cryptocurrency alternate, Bithumb.

Naver has mentioned a possible fairness stake acquisition with main Bithumb stakeholder Vidente, native publication the Maeil Enterprise Newspaper reported Monday, citing a number of unnamed sources.

Naver is the supplier of South Korea’s largest search engine and Line messenger, and is reportedly searching for to develop its platform’s presence within the nation’s fintech market. The internet giant is reportedly planning so as to add Bitcoin (BTC) as a cost choice on its cost providers Naver Pay in addition to Line Pay in Japan and the USA.

As reported, there are at the very least 10 corporations searching for a stake in Bithumb together with main U.S. funding banks like Morgan Stanley and JPMorgan, cost giant Visa, in addition to the world’s largest crypto alternate, Binance. In keeping with a report by The Korea Instances, Deutsche Financial institution can also be amongst potential traders.

Bithumb has been the topic of a number of experiences and rumors concerning a possible acquisition deal over the previous a number of years. The South Korean crypto giant has reportedly been negotiating the sale with international firms since at the very least 2019, following alleged difficulties with funds in Bithumb’s earlier acquisition offers. Gaming conglomerate Nexon denied experiences that it was buying a stake within the alternate.

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

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