Coinbase Reportedly in Talks to Acquire Turkish Crypto Platform BtcTurk for $3.2 Billion
Quick take:
- Coinbase is reportedly planning to acquire BtcTurk, a Turkish crypto platform.
- The purchase is estimated to be valued at $3.2 billion as per the reports.
Coinbase is aiming to expand globally with its new acquisition. It is reportedly planning to acquire the Turkish crypto exchange, VtcTurk. The purchase is estimated to be worth $3.2 billion.
As per the reports by Turkish media outlets, Coinbase is planning to acquire BtcTurk for over $3 billion. Sources cite that the US company will strike the deal in shares and cash to make the purchase.
Coinbase is looking to expand globally
According to the reports, the initial deal was made for $5 billion. But, due to the recent market crash and the depreciating value of the Turkish Lira, the deal dropped to $3.2 billion, and it seems like the deal is on.
Coinbase envisions providing its services to a global audience through this acquisition. The expansion will allow Coinbase to expand its base to millions of customers.
BtcTurk, founded in 2013, has a user base of over 4 million and the highest recording volume of $200 million in trading volume in 24 hours. Coinbase is one of the largest cryptocurrency exchanges, with over 90 million customers. The company also announced its intentions to acquire Brazil’s 2TM.
Coinbase seems to expand its customer base with new announcements, including the launch of its NFT beta marketplace.
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