Coinbase expands presence in Turkey by buying BTCTurk exchange

According to media reports, the American crypto exchange Coinbase has entered the final stage of negotiations with the BTCTurk platform regarding the latter's joining. The exchange located in Turkey could be acquired for an amount reaching 3.2 billion dollars.

At the moment, the two sides have signed a preliminary document. Work on the deal has moved into the 'due diligence' mode.

Coinbase's strategy clearly shows a desire to strengthen its position in economically attractive countries. As early as spring 2022, the management announced plans to join another company - Mercado Bitcoin. This is a large crypto broker operating in South America. In April, the venture department of the Coinbase crypto platform took part in investment debates with the BTC exchange CoinDCX (India). The company has already managed to launch a test project of its NFT market.

Recall that BTCTurk was founded in 2013. At the moment, it has gathered 4.5 million active participants. According to Cumhuriyet information, in 2021 alone, the trading volume of BTCTurk approached the mark of 116 billion dollars.