Coinbase Ends Acquisition Talks for U.K.-Based BVNK

Coinbase has halted acquisition talks with U.K.-based stablecoin startup BVNK, which was anticipated to be a significant deal in the digital payments landscape. The negotiations reportedly began earlier this year and reached an exclusivity agreement in October, with valuations for BVNK estimated between $1.5 billion and $2.5 billion. The decision to end discussions was confirmed by a Coinbase spokesperson, who did not provide specific reasons for the halt. The acquisition aimed to enhance Coinbase’s capabilities in cross-border payments and expand its merchant service offerings. While Coinbase was leading the bid, it faced competition from Mastercard before the talks were abandoned. This deal would have further solidified Coinbase's position, especially since it already issues the USDC stablecoin in partnership with Circle.

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