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HomeBusinessCoinbase Will Buy Turkey's Largest Crypto Trading Platform For Rs 24,405 Crore!

Coinbase Will Buy Turkey’s Largest Crypto Trading Platform For Rs 24,405 Crore!

American crypto exchange is reportedly considering buying Turkey’s largest crypto trading platform BtcTurk. It is reported that Coinbase is considering buying BTCTurk for $3.2 billion (about Rs 24,405 crore). The company aims to further expand the scope of its global presence. It is being said that the company is taking this step to strengthen its hold in developing countries. Founded in 2013, BtcTurk claims to have over 4.5 million users and 850 employees. The company’s transaction volume in 2021 was reported to be $116 billion (about Rs 8,84,750 crore).

Aside from its long standing in business, BtcTurk is also very attractive because of the high cryptocurrency adoption rate in Turkey. In fact, Statista According to the report, Turkish citizens come in fifth place in the rapid adoption of cryptocurrencies. Other popular global exchanges such as Binance, OKX and Bybit have already started operating in Turkey.

This deal was first reported by MergerMarket and then mentioned by Bloomberg. The deal is very close to completion as experts in the matter say a letter of terms has already been signed. The company has to complete the technical work only. However, no official announcement has been made by any exchange regarding this.

Coinbase is not only interested in crypto exchanges like BtcTurk, but since the beginning of the year the company has been trying to expand its services to new areas. Recently in March it was rumored that Coinbase Mercado is about to buy Bitcoin’s parent company 2TM so that it can expand its operations in Latin America. Recently, the company launched the beta version of its non-fungible token (NFT) marketplace and soon it is going to launch it officially. This shows that Coinbase is well on its way to becoming the largest cryptocurrency exchange in the world.

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