South Korean internet company Naver is competing with major investment firms for stake in the country’s largest cryptocurrency exchange Bithumb, according to a report.
- Naver has discussed a potential equity stake acquisition with major Bithumb stakeholder Vidente, but has yet to confirm the report.
- Naver is seeking to expand its presence in the financial technology market. It is also reportedly planning to add Bitcoin as a payment option on its payment services such as Naver Pay and Line Pay in Japan and the United States.
- Naver will compete with major investment banks Morgan Stanley and JPMorgan, Visa, and crypto exchange Binance.
- Bithumb has reportedly been in talks for possible sale with foreign companies since 2019, following supposedly difficulties with payments in previous acquisition deals.
- Gaming firm Nexon earlier denied reports it was buying a stake in Bithumb.