With Bitcoin now often regarded as digital gold, entities worldwide are trying to pitch in and earn rewards. To do this, most of them have started acquiring vast amounts of various digital assets, especially that of the leading digital asset, Bitcoin. While others are doing that, some of these entities are trying to enter and join service providers such as crypto exchanges and the likes.
In a new update given by an investment bank in the United States, Morgan Stanley makes huge strides to buy up stakes in the famous crypto exchange, Bithumb. In the news reported by Naver, a local news station, in the next couple of days, the American bank invests in the South Korean bank.
Vidente will negotiate on the bank’s behalf
A recent statement granted by a principal officer at the crypto exchange pointed out that the American bank is one of the entities that have sought out the acquisition of the stake. According to the announcement, the crypto exchange company expects a $254 million bid and another bid worth $441 million.
The figure is said to be around 300 billion and 500 billion in the country’s currency. Also, the announcement stressed that the investment would be facilitated by Vidente, a company that already has a 10% stake in the company.
Stating why they chose to go through Vidente to invest, it pointed out that the company would make a very good proposition. The report also claims that this deal was agreed upon after a previous deal NXC Corporation fell through.
Morgan Stanley set to launch three Bitcoin funds
While NXC has also shown a massive interest in acquiring a stake in the digital asset, the recent update by Morgan Stanley has pushed their bid back a bid. Over the years, Bithumb has seen many deals that have to do with acquisition fall through. This is because the chairman of the exchange has a huge stake in the company and is looking to liquidate them. A typical and recent example was the recent deal with a Singaporean entity that fell through after months of negotiation.
After an already pre-established understanding between Bithumb and the firm, BK Global consortium, talks led nowhere at the end of the day. According to another rumor parading the space, Morgan Stanley is planning to launch three new funds which would allow Institutional investors access and invest in Bitcoin, gaining from its volatile nature.
With the bank previously taking a looks at the approach, it noted that it was kicked to start offering Bitcoin-related services following clamor from its customer base. Bitcoin lured most traders and non-traders into the space following the recent rise, which saw the digital asset touch its new $60,000 all-time high figure.