Crypto exchange Coinbase is reportedly in talks to purchase Turkish cryptocurrency exchange BtcTurk at a price of $3,2B.
Bloomberg reported on Thursday that cryptocurrency exchange Coinbase (COIN) is in talks to buy Turkey’s BtcTurk, citing a paywalled piece by MergerMarket.
MergerMarket’s five sources told Bloomberg that the deal might be worth roughly $3.2 billion. The corporation has signed a term sheet and is conducting technical due diligence.
One of the individuals informed MergerMarket that at least part of the deal could involve a stock swap.
Other crypto exchanges, such as Binance, OKX, and Bybit, have opened offices in Turkey, where crypto has become a popular investment due to the depreciation of the local currency.
According to Cumhuriyet, one of Turkey’s major newspapers, BtcTurk is one of the country’s oldest crypto exchanges, with 4.5 million pro users.
According to CoinMarketCap data, it had $200 million in trading activity in the last 24 hours, compared to $179 million for its biggest local competitor, Paribu.
