Coinbase seeks $3,000,000,000 from Turkish cryptocurrency exchange: Report

The leading US cryptocurrency exchange Coinbase is reported to be in talks to buy BtcTurk, a Turkey-based digital asset trading platform.

In a new report, Turkish publication Webrazzi said Coinbase could buy BtcTurk for $3.2 billion.

Talks are said to be at an advanced stage, as the two companies have already signed a term sheet. At more than $3 billion, the acquisition represents about a tenth of the current market capitalization of the US cryptocurrency exchange.

BtcTurk was launched in July 2013 by Kerem Tibuk, according to the trading database Crunchbase.

Cryptocurrency tracking platform CoinMarketCap ranks the Turkish stock exchange at 70th place, giving it a rating of 4.6 out of ten. On the other hand, Coinbase is ranked second after Binance with an exchange score of 8.3.

BtcTurk handles only a small portion of Coinbase’s trading volume – about $183 million in the past 24 hours compared to more than $2 billion through the US crypto exchange.

Reports of Coinbase’s efforts to acquire BtcTurk coincide with the announcement by the US crypto exchange that it has appointed a country manager for Turkey who will be tasked with spearheading the company’s growth.

Less than 12 months ago, Coinbase CEO Brian Armstrong said that the US crypto exchange’s goal is to expand internationally and “extend the reach of cryptocurrencies, allowing access to safe and easy-to-use ramps in all countries where we can legally operate.”

Earlier this month, Coinbase launched cryptocurrency trading on its platform in India where it was already an investor in two of the country’s largest digital asset exchanges – CoinDCX and CoinSwitch Kuber.

Earlier this year, Coinbase acquired the FairX futures exchange for an undisclosed amount. Coinbase’s latest acquisition is crypto security company Unbound Security, which closed in December 2021.

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Main image: Shutterstock / Alberto Andrei Rosu

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