South Korean Internet giant Naver has reportedly initiated negotiations to acquire a stake in the country’s largest cryptocurrency exchange, Bithumb, according to Cointelegraph. The stake seeks to enable Naver to expand its platform’s presence in South Korea’s fintech market.
Naver plans to add bitcoin as a payment option on its payment services Naver Pay, and Line Pay in Japan and the U.S.
At least 10 firms seek a stake in Bithumb and includes U.S investment banks JPMorgan, Morgan Stanley, payment giant Visa, and world’s largest crypto exchange Binance.
Bithumb has been subject of multiple reports and rumors of potential acquisition deals over the past several years.Naver stock is currently declining. 035420:KRX is down 1.37%
