Cryptocurrency exchange Coinbase has ended its acquisition talks with UK-based stablecoin infrastructure company BVNK, which is valued at approximately $2 billion.
A Coinbase spokesperson confirmed to Fortune that the two companies entered into an exclusivity agreement in October and conducted a thorough due diligence process. However, the parties ultimately decided not to move forward with the agreement. No explanation was provided for the decision.
With this development, one of the largest acquisition attempts in the stablecoin sector has become history. Negotiations between Coinbase and BVNK had progressed significantly following the October exclusivity period. During this period, BVNK was unable to consider other offers. However, the parties abandoned the negotiations after due diligence.
BVNK provides infrastructure for stablecoin-based payments, cross-border money transfers, and enterprise use cases. Had the deal been completed, the acquisition would have reached approximately $2 billion, nearly double the value of fintech giant Stripe’s $1.1 billion acquisition of Bridge in February.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/breaking-coinbases-previously-announced-2-billion-deal-has-been-called-off/
