Leading South Korean web company Naver has reportedly begun negotiations to accumulate a stake within the country’s renowned cryptocurrency exchange, Bithumb.
Naver has discussed a possible equity stake acquisition with major Bithumb stakeholder Vidente, native publication the Maeil Business Newspaper reported Monday, citing several anonymous sources.
Naver is among the largest provider of South Korea’s leading search engine as well as Line messenger and is reportedly seeking to expand its platform’s presence within the country’s fintech market. The web giant is reportedly getting to add Bitcoin [BTC] as a payment option on its payment services Naver Pay & Line Pay in Japan and the U.S.
As reported, there is a minimum of 10 firms seeking a stake in Bithumb along with major United States investment banks like Morgan Stanley and JPMorgan, payment giant Visa, along with the world’s largest cryptocurrency exchange, Binance. Consistent with a report by The Korea Times, Deutsche Bank is additionally among potential investors.
Bithumb has been the topic of multiple reports and rumors regarding a possible acquisition deal over the past several years. The South Korean cryptocurrency giant has reportedly been negotiating the sale with foreign companies since a min. of 2019, following alleged difficulties with payments in Bithumb’s previous acquisition deals. Gaming conglomerate Nexon denied reports that it had been acquiring a stake within the exchange.
However at the reporting time, Naver has not responded to any official comments.