Cryptocurrency News

Coinbase is Reportedly Looking to Acquire Turkish Crypto Exchange BtcTurk for $3.2B

By April 22, 2022 No Comments

Coinbase is looking to boost 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 takeaways:

  • Bloomberg cited an original report by MergerMarket, an income research provider owned and operated by the global financial news and data firm Acuris. 
  • According to the sources cited by MergerMarket, a part of the deal that could reach up to $3.2 billion could reportedly be a share swap, a common payment method during mergers or acquisitions.
  • Turkey’s share of crypto owners has grown in recent years, amid the weakening of the country’s national currency lira. According to Triple-A data, over 2.4 million Turkish citizens own some kind of digital assets.
  • The news of Coinbase’s potential acquisition of BtcTurk comes roughly a month after initial reports of Coinbase vying to buy the largest Latin American cryptocurrency exchange Mercado Bitcoin.
  • In related news, the exchange launched its long-awaited NFT marketplace earlier this week. Currently still in beta, Coinbase NFT boasts a plethora of community-oriented features inspired by the feedback collected from NFT creators and collectors.