Coinbase is set to take over Turkish crypto exchange ‘BtcTurk’ in a whopping $3.2 billion deal. Starting from May, the world’s second-largest crypto exchange will be in charge of BtcTurk.
According to some rumors, the original acquisition was pegged at around $5 billion, but after lengthy negotiations concerning the decline of both the Turkish lira and Bitcoin, a $3.2 billion deal was finally agreed upon.
Launched in 2013, BtcTurk is a centralized exchange based in Istanbul, Turkey. It claims to be the first cryptocurrency exchange in Turkey with over 4.5 million registered users. The platform allows deposits and withdrawals to be made in the Turkish lira via integration with seven Turkish Banks. Those signed up to BtcTurk PRO are able to trade with other Turkish users, withdraw Bitcoin without any transfer fees, and are subject to lower exchange fees.
Coinbase (NASDAQ:COIN) CEO Brian Armstrong stated earlier this year that the company would be developing an expansion plan and working to launch ‘Coinbase NFT’—a digital collectible marketplace.
Binance, the only crypto exchange platform above Coinbase by trade volume, opened a customer support center in Turkey earlier this month. The two crypto exchange giants clearly envision a big market opportunity in the country, due in part to its strategic location as part of both Europe and Asia.
On the Flipside
- In March, Coinbase revealed its intention to acquire Brazil-based unicorn 2TM, valued at over $1 billion, which controls the largest crypto exchange platform in Latin America – ‘Mercado Bitcoin’.
