It is reported that Coinbase and stablecoin startup BVNK have terminated a $2 billion acquisition agreement. This deal was expected to become one of the largest mergers and acquisitions in the history of the crypto industry, significantly expanding Coinbase's institutional stablecoin business.
Fortune magazine reported on Tuesday that the decision by both parties was mutual, but it is unclear why they decided to cancel the deal. Coinbase and BVNK, which builds stablecoin infrastructure, entered the due diligence phase after signing an exclusivity agreement in October.
"After discussing the potential acquisition of BVNK, both parties agreed to no longer proceed," a Coinbase spokesperson told Fortune, adding that the company will continue to explore other opportunities.
This would have been Coinbase's second-largest deal following the completion of its $2.9 billion acquisition of crypto derivatives exchange Deribit in August.
As Coinbase attempted to acquire this stablecoin company, Wall Street's interest in these tokens surged, with international payment networks including Western Union, MoneyGram, and SWIFT beginning to integrate stablecoin solutions.
Following the passage of the GENIUS Act in the U.S. in July, the $312 billion stablecoin market is riding the wave of regulatory support, with the U.S. Treasury estimating in April that the stablecoin market could grow to $2 trillion by 2028.
The acquisition of BVNK could have enhanced Coinbase's share of revenue from stablecoin services, which accounted for $246 million of the $1.9 billion revenue reported by the crypto exchange in the third quarter.
However, canceling the acquisition may free up funds for Coinbase's other actions in the stablecoin space.
Meanwhile, BVNK will restart its planning after previously negotiating a potential acquisition with Mastercard.
Citi Ventures, the venture capital arm of Citigroup, and Visa, a competitor of Mastercard, also invested in BVNK in May.
UK-based BVNK was founded in October 2021 by CEO Jesse Hemson-Struthers, CTO Donald Jackson, and CBO Chris Harmse. The company claims its annualized trading volume has now exceeded $20 billion.
Related: Willy Woo proposes quantum threat response plan: store Bitcoin (BTC) in SegWit wallet for 7 years
Original: “Reportedly, Coinbase and stablecoin startup BVNK terminate $2 billion acquisition deal”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
