BtcTurk, a Turkish cryptocurrency exchange, will be acquired by Coinbase for $3.2 billion, As part of its continuing worldwide development efforts, Coinbase is allegedly in discussions to buy Turkey’s largest crypto trading platform, BtcTurk, for $3.2 billion . The decision comes after allegations that the New York-based exchange is trying to expand its footprint in emerging markets. BtcTurk was founded in 2013 and claims to have over 4.5 million users and 850 staff, according to a credible Turkish media, with a transaction volume of $116 billion in 2021.
In addition to its extensive history in the industry, BtcTurk may be appealing to Coinbase due to the high level of bitcoin usage in Turkey. Turkish residents have adopted digital assets at the fifth-highest rate of any country in the world, according to Statista. Other well-known worldwide exchanges, like as Binance, OKX, and Bybit, have already established operations in Turkey.
The acquisition, which was originally reported by MergerMarket and subsequently quoted by Bloomberg, may be close to completion, according to people close to the case, who claim that a terms sheet has already been signed and that the company’s technical due diligence is all that remains. However, as of press time, neither exchange has made an official remark on the situation.
Coinbase is interested in a number of cryptocurrency exchanges, including BtcTurk. Since the beginning of the year, it appears that the corporation has been attempting to expand its services into new sectors. The firm was speculated to be buying 2TM, the parent company of Mercado Bitcoin, in March in order to expand its Latin American activities.
However, acquisitions aren’t the only method Coinbase is looking to expand; the business recently released a test version of its own non-fungible token (NFT) marketplace and is planning an official launch in the near future. This demonstrates Coinbase’s desire to become the world’s largest bitcoin exchange.