Coinbase is in talks to buy BtcTurk
According to the report the deal could be worth around $3.2 billion, as per MergerMarket's five sources. A term sheet was signed, and the company is conducting technical due diligence. If the acquisition is completed, the company will set a new record; sources close to the matter also indicate that the purchase price will be made up of partial shares and partial cash.Coinbase has not confirmed or denied the agreement, but it can be seen on Linkedin that the crypto exchange is hiring a Country Director in Turkey, indicating an expansion into the country. Other cryptocurrency exchanges, such as Binance and Bybit, have already established operations in Turkey.
What is the significance of BtcTurk?
With 4.5 million users, BtcTurk is one of the country's oldest cryptocurrency exchanges. It has had a trading volume of $203 million in the last 24 hours, according to CoinmarketCap. The crypto exchange was the victim of a data breach in mid-2018, which exposed sensitive information of over 500,000 users, but in recent years it has grown in popularity in Turkey due to the country's rising inflation.BtcTurk is not the only crypto exchange Coinbase is interested in; it appears that the company has been looking to expand its services into new areas for quite some time, as earlier in March the company was rumored to acquire 2TM, the parent company of Mercado Bitcoin, in order to expand its operations in Latin America.
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