Coinbase and stablecoin startup BVNK cancel $2 billion acquisition deal

On November 12, according to Fortune magazine, a spokesperson for cryptocurrency exchange Coinbase confirmed that it has terminated acquisition negotiations with UK stablecoin startup BVNK.

The specific reasons for the suspension of the transaction have not yet been disclosed. Previously, the acquisition had entered the due diligence stage, and in October, Coinbase and BVNK reached an exclusivity agreement, preventing BVNK from accepting offers from other bidders.

The Coinbase spokesperson stated, "We are always actively exploring opportunities to expand our mission and product portfolio. After in-depth discussions with BVNK regarding the possibility of an acquisition, both parties have mutually decided not to continue pursuing this transaction." BVNK's main business is assisting clients in using stablecoins for payments, cross-border transactions, and other financial applications.

Its valuation is approximately $2 billion. If the deal had been finalized, the acquisition amount would have been nearly double the price that fintech giant Stripe paid for stablecoin company Bridge in February of this year (approximately $1.1 billion).