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U.S.-based crypto exchange Coinbase is moving ahead with its international expansion plans. The company is reportedly set on acquiring Turkey’s largest crypto platform BtcTurk.
As part of its international expansion strategy, the world’s second-largest crypto exchange, Coinbase, will be acquiring BtcTurk, according to Forbes India. The transaction is reportedly valued at $3.2 billion, which was reduced from the original $5 billion asking price after negotiations.
Sources knowledgeable on the matter revealed that one or both firms have already signed a term sheet. At the moment, Coinbase is conducting its due diligence.
Coinbase might not pay for its acquisition of BtcTurk entirely in cash. An unnamed source said that at least part of the deal could be a share swap, according to Coindesk.
BtcTurk is one of Turkey’s oldest crypto exchanges. Founded in 2013, the platform now boasts around 4.5 million users.
It is also the country’s largest crypto exchange. In 2021, the platform handled transactions totaling 1.7 trillion Turkish Lira (around US$116 billion). It posted $200 million in trading volume in the past 24 hours compared to the $179 million trading volume posted by Paribu, its biggest local competitor.
Coinbase plans to expand to every country where it is legal to operate crypto entities. Its acquisition of BtcTurk is significant to its international expansion plans given the size of the local crypto market as well as its strategic location in both Europe and Asia.
In 2021, Turkey ranked sixth in terms of crypto profitability. Turkish crypto investors were able to rake in $4.5 billion in profits last year.
The presence of other international players highlights the importance of the Turkish crypto market. Crypto exchanges such as Binance, Bybit, and OKX have set up shops in the country to tap into the growing popularity of crypto due to the decline of the local currency.
Aside from Turkey, Coinbase is also planning to expand to Brazil. The company is reportedly in talks with the owners of the country’s largest crypto Mercado Bitcoin to acquire the business. Negotiations started last year and are expected to conclude later this month.
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