Coinbase is in the final stages of negotiations to take over Turkey-based cryptocurrency trading platform BtcTurk. The deal could amount to $3.2 billion.
The parties signed a protocol of intent, due diligence is underway. Founded in 2013, BtcTurk serves 4 .5 million users.
In 2021, Cumhuriyet reported trading volume of about $116 billion.
The initiative reflects Coinbase’s intention to increase its presence in developing countries. In March 2022, the crypto exchange agreed to take over the operator of Latin America’s largest crypto broker Mercado Bitcoin.
Last April, the venture division of Coinbase participated in the investment round of the Indian crypto exchange CoinDCX.
