Coinbase Ends Acquisition Talks for U.K.-Based BVNK: Report
Coinbase has terminated acquisition discussions with U.K.-based stablecoin startup BVNK, halting a potentially major digital payments deal.Summary
Nasdaq-listed cryptocurrency exchange Coinbase has ended its acquisition talks with the U.K.-based stablecoin startup BVNK, according to a report from Fortune citing people familiar with the matter. The negotiations, which began earlier this year and included an exclusivity agreement in October, were reportedly expected to value BVNK between $1.5 billion and $2.5 billion, which would have been one of the largest deals in the stablecoin space. Coinbase, which already partners with Circle to issue the USDC stablecoin, sought the acquisition to strengthen its position in cross-border payments and expand its merchant services. Coinbase confirmed to Fortune that the deal is no longer proceeding but did not provide reasons for the decision. Coinbase had reportedly been leading the bidding ahead of competitors like Mastercard before the talks were called off.
(Source：CoinDesk)