Media: Coinbase in talks to buy Turkish crypto exchange BtcTurk for $3,2 billion

Sources report that the exchange of shares may be included in the terms of the companies’ agreement

21.04.2022 - 13:40

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What’s new? Coinbase is in talks to buy the Turkish cryptocurrency exchange BtcTurk. This was reported by CoinDesk, citing Bloomberg. According to sources, the deal will be worth $3,2 billion. An agreement on the terms of the deal has been signed, with Coinbase conducting technical due diligence. Sources also report that the exchange of shares may be included in the terms of the companies’ agreement.

CoinDesk’s material

What is known about BtcTurk? It is a Turkish cryptocurrency exchange founded in 2013. BtcTurk is registered with the Istanbul Chamber of Commerce and operates under Turkish law. BtcTurk’s daily trading volume is $200 million, according to CoinMarketCap.

Earlier, the decline of the local currency caused Turkey to turn to alternative investments, leading to an increased demand for cryptocurrencies. A survey conducted among the country’s residents by the KuCoin exchange found that approximately 40% of internet users aged 18-60 own digital assets.

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