Coinbase to Buy Turkish Crypto Platform BtcTurk at $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.

According to Turkish media outlets Coinbase may soon buy BtcTurk, a deal that is worth more than $3 billion. According to sources close to the matter, the US company will use shares and cash to complete its purchase.

Another report claims that the initial price for 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 expressed hope that it would be able to expand its global reach and offer its services to millions more customers after the acquisition. Turkey’s strategic location in both Europe and Asia could be a beneficial factor for that goal.

BtcTurk, Turkey’s first cryptocurrency exchange, was founded in 2013. It was founded in 2013 and has more than 4 million users. In the last 24 hours, it has traded $200 million. 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 net income of the organization, which is also listed at Nasdaq in 2021 was over $3.5 Billion, 11 times more than 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.

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