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Coinbase plans largest stablecoin deal: 2.5 billion for BVNK!
Coinbase is in talks to acquire BVNK for up to $2.5 billion to expand in the stablecoin market.
Coinbase plans largest stablecoin deal: 2.5 billion for BVNK!
Coinbase Global Inc. is about to make a significant acquisition. The company is in late negotiations to acquire BVNK, a London startup specializing in cross-border money transfers using stablecoins. The estimated value of this deal is between $1.5 billion and $2.5 billion. If successful, this would represent the largest acquisition in the stablecoin sector, surpassing the current $1.1 billion record for Bridge sales, as reported Crypto News reported.
Acquiring BVNK could not only give Coinbase significant access to the growing stablecoin market, but also reduce the company's reliance on volatile trading fees. The development suggests that Coinbase is increasingly looking to position itself as a fully-fledged fintech company rather than just operating as a trading exchange.
Investments and competitive environment
BVNK has recently received investments from notable players such as Citi Ventures and Visa Ventures. This comes after a $50 million Series B round led by Haun Ventures and also involving Coinbase Ventures and Tiger Global. However, interest in BVNK extends beyond Coinbase; Mastercard is also showing interest in the startup. Still, Coinbase appears to be getting closer to the acquisition, with the deal expected to be completed by early next year.
Coinbase’s recent financial results support the need for this acquisition. The company reported a strong quarter with revenue of $1.9 billion, up 25% from the previous quarter. CEO Brian Armstrong also made a statement by adding 2,772 BTC to the company's holdings. This brings the total amount to over 14,500 Bitcoin, which is worth around $1.6 billion.
Market trends and future outlook
Developments in the stablecoin sector are crucial for the future of Coinbase. With the takeover of BVNK, the company could take a pioneering role and assert itself in an increasingly competitive market. The interests of well-known investors and Coinbase's strong financial results lay the foundation for the company to develop new business areas and expand its position in the fintech market.
Overall, current events show that Coinbase not only wants to be perceived as a trading platform, but also as an innovator in the fintech sector. The takeover of BVNK could be a decisive step in this direction.