Major United States-based cryptocurrency exchange Coinbase is reportedly planning to purchase BtcTurk for $3.2 billion.
According to Turkish tech media outlet Webrazzi, which cited a Thursday report from Mergermarket, the two exchanges negotiated a price based on the market behavior of the Turkish lira and Bitcoin (BTC), arriving at roughly $3.2 billion. One or both of the two firms have reportedly already signed a term sheet.
The potential acquisition would follow Coinbase CEO Brian Armstrong announcing plans to expand to every country in which the exchange can legally operate. Cointelegraph reported in March that Coinbase was preparing to purchase 2TM, the parent company of Latin America-based crypto brokerage firm Mercado Bitcoin.
Coinbase is also currently hiring a country director for its operations in Turkey. According to the job posting, part of the director’s responsibilities include accelerating the exchange’s “strategic partnerships” in the country. Binance announced on April 14 that it had launched a customer service center in Turkey in an effort to end fraud cases involving crypto.
Launched in 2013, BtcTurk is one of the largest and oldest crypto exchanges in Turkey, sharing the market with its competitor Paribu and others. According to data from CoinMarketCap, the firm has had more than $196 million in trading volume over the last 24 hours.