Coinbase Ends Acquisition Talks for U.K.-Based BVNK: Fortune
Coinbase has ended acquisition talks with U.K.-based stablecoin startup BVNK, halting what could have been a major deal in digital payments history. Coinbase was leading the bidding, potentially outpacing Mastercard, but the deal did not move forward for unspecified reasons. The acquisition, reportedly valued at $1.5-$2.5 billion, would have strengthened Coinbase's cross-border payments and merchant services position.
Coinbase Cancels Acquisition Talks with BVNK
Nasdaq-listed crypto exchange Coinbase has decided to end acquisition talks with U.K.-based stablecoin startup BVNK, according to Fortune. This deal, had it materialized, would have marked one of the largest transactions in the history of digital payments.
Bidding with Mastercard
Sources familiar with the matter revealed that Coinbase was leading the bidding ahead of Mastercard, before ultimately halting the discussions. The acquisition of BVNK would have boosted Coinbase’s position in cross-border payments and expanded its merchant services capabilities.
Confirmation from Coinbase
A Coinbase spokesperson confirmed to Fortune that the deal is no longer proceeding. However, they refrained from providing specific reasons for the decision to terminate negotiations.
Valuation of the Deal
Prior reports suggest that the offers for BVNK ranged between $1.5 billion and $2.5 billion, making it one of the largest merger and acquisition deals in the stablecoin sector.