Turkish crypto exchange BtcTurk might be getting acquired by Coinbase in a $3.2 billion deal. The potential acquisition came to the fore when Coinbase CEO Brian Armstrong announced plans to expand into every country where the exchange could legally operate.
According to Mergermarket’s report previous Thursday, Coinbase and BtcTurk have negotiated a price that has reached approximately $3.2 billion based on the market behavior of the Turkish lira and Bitcoin (BTC). Then both companies signed a preliminary contract.
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Coinbase is also currently hires a country director for its operations in Turkey. According to the job posting, some of the director’s responsibilities include accelerating the exchange’s “strategic partnerships” in the country. Binance announced on April 14 that it has set up a customer service center in Turkey to end crypto-related fraud cases.
Launched in 2013, BtcTurk is one of Turkey’s largest and oldest crypto exchanges, sharing the market with rival Paribu and others. According to CoinMarketCap data, the firm has a daily trading volume of more than $196 million.