American giant Coinbase has made its desire to acquire one of the largest Turkish exchanges known, with the potential takeover of BtcTurk.
According to information from Bloomberg, which was obtained from MergerMarket, a $3.2 billion buyout is being discussed between the two parties.
The Turkish exchange BtcTurk was founded in 2013 and has quickly established itself as one of the leaders of the crypto currency in Turkey with a volume that reaches $200 million daily. The country’s complicated financial situation with a declining national currency has pushed the Turkish people to become more and more interested in crypto currencies. BtcTurk has capitalized over 4.5 million users and reached a volume of $116 billion last year.
Turkey and its situation have led some of the biggest exchanges to intensify their activity in the country, including OKX, Binance and Bybit.
Coinbase is following suit, looking to regain a prominent position in the market with the potential takeover of BtcTurk, the largest player in the country.
MargetMarket also reveals that the deal could be done in part on a share exchange between the two interested parties. A term agreement would have been signed and technical verifications would be in progress.
Coinbase continues its expansion into new markets. First, with the recent opening of the beta of its NFT marketplace. But also, with the potential buyout of 2TM the parent company of Latin America’s largest crypto-currency broker, MercadoBitcoin.