Kiwoom Securities Eyes Stake in Bithumb Amid Crypto Market Surge

South Korea's Kiwoom Securities is reportedly in talks to acquire a stake in Bithumb, one of the country's largest cryptocurrency exchanges. The negotiations involve a third-party allotment of new shares, where Bithumb would issue new stock for Kiwoom to purchase.

The size of the potential investment and the exact stake percentage are still under negotiation, according to reports. A Bithumb spokesperson said that no specific matters have been reviewed or decided yet, and that the exchange is currently in talks with various financial institutions about possible partnerships.

Kiwoom's reported talks follow a wave of similar deals by South Korean financial institutions entering the local crypto market. On May 29, Korea Investment & Securities and OKX Ventures agreed to jointly invest 160 billion won for a 19.6% stake in crypto exchange Coinone. Samsung Securities, Samsung SDS, and Samsung Card acquired a combined 4% stake in Dunamu, the operator of exchange Upbit.