Coinbase Drops Acquisition Talks With U.K. Stablecoin Firm BVNK
Coinbase has ended its acquisition discussions with BVNK, a U.K.-based stablecoin and payments infrastructure company, according to a report from Fortune.
The negotiations, which began earlier this year and entered an exclusivity phase in October, had valued BVNK between $1.5 billion and $2.5 billion, people familiar with the talks said. Coinbase was reportedly leading the bidding process ahead of Mastercard before walking away from the deal.
A Coinbase spokesperson confirmed to Fortune that the company is no longer pursuing the acquisition but did not disclose the reasons behind the decision.
For Coinbase, which co-manages the USDC stablecoin with Circle, the acquisition would have strengthened its position in cross-border payments and expanded its merchant services business.
Had it gone through, the deal would have ranked among the largest acquisitions in the stablecoin and crypto-payments sector to date, underscoring the growing competition among traditional and crypto-native players to dominate blockchain-based finance.
