Coinbase Abandons $2 Billion Acquisition of Stablecoin Firm BVNK

Coinbase has terminated negotiations to acquire the UK-based stablecoin firm BVNK, a deal reportedly valued at around $2 billion. This decision follows advanced discussions that included both Coinbase and Mastercard. A spokesperson for Coinbase indicated that the two parties mutually agreed to halt the acquisition talks in order to pursue other opportunities to expand their product offerings. The acquisition was part of Coinbase's strategic objective to enhance its stablecoin infrastructure. A confirmation request for the decision has been made by Decrypt to Coinbase, indicating the developing nature of the situation. This news arrives at a time of significant interest in stablecoins and their role in the cryptocurrency market.

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