Coinbase Ends Acquisition Talks for U.K.-Based BVNK: Fortune
The negotiations, which began earlier this year and progressed to an exclusivity agreement in October, were expected to value BVNK between $1.5 billion and $2.5 billion.
- Coinbase has ended acquisition talks with the U.K.-based stablecoin startup BVNK, which could have been a major deal in digital payments.
- The decision to halt the talks was confirmed by a Coinbase spokesperson, but no reasons were provided.
- The acquisition of BVNK would have enhanced Coinbase's position in cross-border payments and merchant services.
Nasdaq-listed crypto exchange Coinbase has ended acquisition talks with U.K.-based stablecoin startup BVNK, halting what could have been one of the largest deals in the history of digital payments, according to Fortune.
People familiar with the matter told Fortune that Coinbase had been leading the bidding ahead of Mastercard before the talks were called off.
For Coinbase, which already issues the USDC stablecoin in partnership with Circle, acquiring BVNK would have strengthened its foothold in cross-border payments and expanded its merchant services footprint.
A Coinbase spokesperson confirmed to Fortune that the deal is no longer moving forward but did not elaborate on the reasons behind the decision.
Prior reporting puts the offers for BVNK at $1.5-$2.5 billion, making it one of the larger M&A deals in the stablecoin space.
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CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
