Coinbase is looking to bolster its regional presence by acquiring BtcTurk, one of the oldest cryptocurrency trading platforms in Turkey. Bloomberg reported on Thursday that the deal could be worth north of $3 billion.
Key points to remember:
- Bloomberg cited an original report from MergerMarket, an earnings research provider owned and operated by global financial news and data firm Acuris.
- According to sources cited by MergerMarket, part of the deal that could reach up to $3.2 billion could be a share swap, a common form of payment during mergers or acquisitions.
- Turkey’s share among crypto owners has grown in recent years, amid the weakening of the country’s national currency, the lira. According to Triple-A data, more than 2.4 million Turkish citizens own some kind of digital assets.
- News of Coinbase’s potential acquisition of BtcTurk comes about a month after initial reports that Coinbase is vying to buy Latin America’s largest cryptocurrency exchange, Mercado Bitcoin.
- In related news, the exchange launched its long-awaited NFT market earlier this week. Currently still in beta, Coinbase NFT offers a plethora of community-driven features inspired by feedback gathered from NFT creators and collectors.
David is a crypto enthusiast and personal finance expert. He has created numerous publications for different platforms. He loves exploring new things, and that’s how he discovered blockchain in the first place.