Media: Coinbase to acquire Turkish Bitcoin exchange BtcTurk

The cryptocurrency exchange Coinbase is in the final stage of negotiations to acquire the Turkey-based cryptocurrency trading platform BtcTurk. The deal could be worth $3.2 billion, The Block writes, citing local sources.

The parties have signed a memorandum of understanding and are undergoing due diligence.

Founded in 2013, BtcTurk serves 4.5 million users.

According to Cumhuriyet, in 2021 the platform’s trading volume stood at roughly $116 billion.

The move reflects Coinbase’s intention to broaden its footprint in developing markets. In March 2022, the Bitcoin exchange agreed to acquire Mercado Bitcoin, Latin America’s largest crypto broker, according to Bloomberg.

In April, Coinbase’s venture arm поучаствовало in the funding round for India’s bitcoin exchange CoinDCX.

Earlier the cryptocurrency exchange запустила beta version of its NFT marketplace.

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