- Coinbase to start operations in Turkey.
- Its deal with BtcTurk may also include a stock swap.
On Thursday, Bloomberg reported that the leading crypto exchange Coinbase has plans to acquire the oldest crypto exchange in Turkey, BtcTurk. This information was cited from a paywalled article by MergerMarket.
The term sheet of the agreement has already been prepared but its review is still due. Five sources of MergerMarket have confirmed that the deal would be almost around $3.2 billion, and there are chances of some part of this deal to be a stock swap.
Coinbase will not be the first crypto exchange to start operating in Turkey. Binance, OKX, and Bybit are already operating there. The country is again taking interest in digital tokens lately, long after it banned crypto payments in April 2021.
Recently, Coinbase has taken up new ventures. Earlier this month, the firm announced that it will invest in the Indian crypto market and Web3. It also invested in the seed funding round of Taki, a platform that is meant to unite creators, users, and crypto enthusiasts.
Though the news of this tie-up with BtcTurk is confirmed, neither of the firms is ready to make any public comment.