South Korean financial giant Kiwoom Securities is in the process of acquiring a stake in Bithumb, the country's second-largest cryptocurrency exchange, according to a local media report.
ChosunBiz reported on Monday that Kiwoom and Bithumb are currently in discussions regarding a third-party allocation of new shares — Bithumb would issue new shares, which Kiwoom would then purchase.
Further details, such as the investment size or stake percentage, are still under negotiation, the report said. The Block has reached out to Kiwoom and Bithumb for comment.
The latest report marks another major South Korean financial institution moving to acquire a stake in a cryptocurrency company, amid local regulatory developments.
Last month, Hana Bank, one of the four largest banking institutions in the country, disclosed that it will acquire a $670 million stake in Dunamu, the company behind Upbit crypto exchange. Later in May, local media reported that three Samsung subsidiaries would acquire roughly $407.7 million worth of Dunamu shares, giving them a combined 4% stake.
