Coinbase Negotiates $2 Billion Acquisition of BVNK for Stablecoin Expansion
- Coinbase is in advanced talks to acquire BVNK for approximately $2 billion, with due diligence underway.
- The deal could be finalized by the end of this year or early next year, pending any last-minute changes.
- Stablecoins accounted for nearly 20% of Coinbase’s total income in Q3, largely due to its partnership with Circle Internet Group.
- Founded in 2021, BVNK has raised $90 million and facilitates payments using both crypto and stablecoins.
- Coinbase Ventures is already an investor in BVNK, alongside Citi Ventures and Visa.
This acquisition aims to strengthen Coinbase’s position in the growing stablecoin market, particularly following recent U.S. regulations that have spurred institutional interest in this sector.
If successful, the acquisition could enhance Coinbase’s revenue from stablecoins, which currently represent a significant portion of its income.(Source)
