Coinbase Ends $2 Billion Acquisition Talks With BVNK: Report

Coinbase and BVNK reportedly ended their $2 billion acquisition talks, halting what could have been one of the largest stablecoin infrastructure deals in crypto.

Crypto exchange Coinbase and U.K.-based stablecoin startup BVNK have mutually agreed to call off their $2 billion acquisition deal, according to a report from Fortune.

A spokesperson for Coinbase told Fortune that the deal had progressed to an advanced stage, including due diligence and exclusivity in October.

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The acquisition would have been one of the largest for a stablecoin startup and would have significantly expanded Coinbase’s stablecoin infrastructure capabilities.

BVNK specializes in stablecoin payments and cross-border transactions, and the proposed acquisition price was a substantial premium compared to other recent stablecoin deals, including Stripe’s $1.1 billion acquisition of Bridge.