According to Mergermarket, an M&A research firm, Coinbase is in talks to acquire BtcTurk to expand its services in Turkey.
Coinbase is in talks for buy BtcTurk
According to the report, the deal could be worth around $3.2 billion, according to MergerMarket’s five sources. A term sheet has been signed and the company is carrying out technical due diligence. If the acquisition is completed, the company will set a new record; sources familiar with the matter also indicate that the purchase price will be made up of a share part and a cash part.
Coinbase has neither confirmed nor denied the deal, but it can be seen on Linkedin that the crypto exchange is hiring a country manager in Turkey, indicating expansion in the country. Other cryptocurrency exchanges, such as Binance and Bybit, have already established operations in Turkey.
What is the importance of BtcTurk?
With 4.5 million users, BtcTurk is one of the oldest cryptocurrency exchanges in the country. It had a trading volume of $203 million in the past 24 hours, according to CoinmarketCap. The crypto exchange suffered a data breach in mid-2018 which exposed the sensitive information of over 500,000 users, but in recent years it has gained popularity in Turkey due to the rise in inflation in the country.
BtcTurk is not the only crypto exchange that Coinbase is interested in; it appears that the company has been looking to expand its services into new areas for some time, as earlier in March the company reportedly acquired 2TM, the parent company of Mercado Bitcoin, in order to expand its operations in Latin America.