Coinbase, the largest cryptocurrency exchange in the United States, has reportedly put Turkey’s digital asset platform, BtcTurk, on its radar, with plans to buy it for $3.2 billion.
- Coinbase may soon purchase BtcTurk in a deal valued more than $3 billion, according to Turkish media reports. According to sources familiar with the situation, the US corporation will complete the transaction using both shares and cash.
- According to another report, the acquisition was once valued at $5 billion. However, due to the loss of the Turkish lira and the current decrease of bitcoin, the parties reached an arrangement worth $3.2 billion.
- Following the completion of the transaction, Coinbase expressed optimism that it would be able to grow its global presence and deliver its services to millions of new clients. Turkey’s strategic location in both Europe and Asia may prove advantageous in achieving this goal.
- BtcTurk was Turkey’s first bitcoin exchange. It was founded in 2013 and has over 4 million members, with a trading volume of $200 million in the last 24 hours. Paribu, the country’s largest digital asset platform, transacted approximately $20 million less in comparison.
- Coinbase, on the other hand, is one of the world’s largest cryptocurrency exchanges, with about 90 million customers. In 2021, the company, which is also listed on Nasdaq, made a net income of nearly $3.5 billion (11 times more than the figures in 2020).
- Coinbase announced its desire to buy Brazil’s 2TM earlier this year. The latter is a holding company that owns Mercado Bitcoin, South America’s largest cryptocurrency exchange.
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