Coinbase in talks to acquire BtcTurk for around $3.2B
The deal would give Coinbase a foothold in Turkey and could be worth around $3.2 billion
Apparently, crypto exchange Coinbase is in talks to buy Turkey's BtcTurk. This was reported by Bloomberg on Thursday, citing an article by MergerMarket.
The deal could be worth around $3.2 billion, MergeMarket's sources said, according to Bloomberg. A term sheet has been signed and the company is doing its technical due diligence.
One of the sources told MergerMarket that at least part of the deal could done with a share swap.
Other crypto exchanges like Binance, OKX and Bybit have already set up operations in Turkey.
Cryptocurrencies have been popular in Turkey since the decline of the Turkish Lira.
BtcTurk is one of Turkey's oldest crypto exchanges and counts 4.5 million pro users. It has recorded $200 million in trading volume in the past 24 hours.