Coinbase plans to further expand its global reach by acquiring the Turkish crypto exchange BtcTurk for approximately $3.2 billion.
The leading US-based cryptocurrency exchange – Coinbase – has reportedly put Turkey’s digital asset platform – BtcTurk – on its radar, planning to purchase it for approximately $3.2 billion.
As reported by Turkish media outlets, Coinbase could soon acquire BtcTurk in a deal worth over $3 billion. Sources close to the matter disclosed that the US company will employ shares and cash to complete the purchase.
According to another coverage, the initial price of the deal was $5 billion. However, due to the depreciation of the Turkish lira and bitcoin’s recent decline, the parties shook hands on a $3.2 billion agreement.
Coinbase raised hopes it could expand its global presence and introduce its services to millions of new customers upon finalizing the acquisition. Turkey’s strategic location in both Europe and Asia could be a beneficial factor for that goal.
BtcTurk is the first cryptocurrency exchange in Turkey. Found in 2013, it has over 4 million users and recorded $200 million in trading volume in the past 24 hours. In comparison, the country’s largest digital asset platform – Paribu – transacted nearly $20 million less.
For its part, Coinbase, with around 90 million customers, is one of the world’s biggest cryptocurrency exchanges. The organization, also listed on Nasdaq, generated over $3.5 billion in net income in 2021 (11 times more than the figures in 2020).
Earlier this year, Coinbase revealed intentions to acquire Brazil’s 2TM. The latter is a holding that controls the largest crypto platform in South America – Mercado Bitcoin.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.