Coinbase To Extend Its Reach By Acquiring BtcTurk For $3.2 Billion

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A globally recognized United States-based biggest crypto exchange, Coinbase, plans to acquire the Turkish oldest famous crypto exchange, BtcTurk, with almost $3.2 billion.

BtcTurk is a Turk-based crypto exchange established on July 01, 2013, having headquarters in Istanbul, Turkey, and possesses a portfolio of 4.5 million customers. 

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Coinbase Expansion In Global Business Ventures

According to the news highlighted by Turkish media channels, Coinbase could complete the BtcTurk purchase deal with a cash value of above $3.0 billion in a short period. As per reports, BtcTurk is on the radar of Coinbase, and Coinbase could become a prominent crypto investor in Turkey. The officials engaged in the subject business deal reported that Coinbase might spend shares and cash to own the BtcTurk exchange.  

Coinbase had already shown interest in expanding the business across every state where crypto investment is legal. In March, Coinbase also disclosed planning to purchase a Brazil-based crypto exchange, 2TM, worth $2.1 billion, and the deal is expected to complete in April. 

As per information disclosed by the Coinbase officials, The deal to acquire BtcTurk might complete by the end of April after a detailed overview of terms and conditions. There might also be the possibility of interchange of shares against the purchase deal.

Mergermarket and Bloomberg, two well-known news outlets, have reported on the present deal. It’s also predicted that the terms and conditions would be completed, and a formal agreement may be written soon. However, it’s worth noting that neither of the two exchanges has officially confirmed the transaction.  

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Bitcoin is trading at $39,718, trying to reach the $40,000 support | Source: BTC/USD Chart from Tradingview.com

Studies show the Turkish market possesses an excellent potential for cryptocurrencies investors, particularly brokerage firms. As per reports released by Statista, digital assets investment in Turkey increased at a growth rate of the fifth-largest country globally. Moreover, many other crypto exchanges, including Bybit, OKX, and Binance, already operate in Turkey.

The Turkish government is also keen to encourage citizens to invest in the latest metaverse technologies. Turkish are investing millions of dollars in acquiring virtual reality space and virtual land. 

Related Readings | Crypto Saved The Day? Trading Volume In Turkey Soars Amidst Lira Plunge

Risks Associated With Crytpo Investors In Turkey

Although Turkish citizens have invested millions of dollars in metaverse technologies, Turkish politicians are still not showing so much interest in investing in digital assets. Turkish President Tayyip Erdogan had no interest in holding cryptocurrencies and preferred to transact with its currency to maintain its identity. 

The Central Bank of Turkey applied a ban on using cryptocurrencies to sell and purchase local commodities in April 2021 due to high loss risks associated with the crypto transactions. 

In April 2021, Two famous Turkish crypto exchanges named Thodex and Vebitcoin collapsed, causing asset loss of million users.   

Although Turkey has an unpredictable regulatory atmosphere, three famous crypto exchanges, Bybit, Binance, and OKX, are still doing crypto business ventures there. However, Binance faced a fine of eight million lira worth $751,314 against various regulatory violations in December 2021. 

Featured Image from Pixabay and Chart from Tradingview.com

 



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