Coinbase and stablecoin startup BVNK cancel $2 billion acquisition deal

PANews reported on November 12 that according to Fortune Magazine, a spokesperson for the crypto exchange Coinbase confirmed that Coinbase and the UK-based stablecoin startup BVNK have canceled acquisition negotiations. It is unclear why the two companies shelved the deal, which has advanced to the due diligence stage and in October, Coinbase reached an exclusivity agreement with BVNK, meaning BVNK cannot accept offers from other bidders. A Coinbase spokesperson said in a statement: "We are constantly looking for opportunities to expand our mission and product offerings. After discussing the possibility of acquiring BVNK, the parties have mutually agreed not to move forward with the matter."

BVNK helps customers use stablecoins for payments, cross-border transactions and other scenario applications. Its acquisition price is approximately US$2 billion. If the deal goes through, it would be nearly double the $1.1 billion fintech giant Stripe paid when it completed its acquisition of stablecoin startup Bridge in February.

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