Coinbase to Acquire BtcTurk for $3.2 Billion

Coinbase is reportedly in talks to acquire Turkey's largest crypto trading platform, BtcTurk, for a total of $3.2 billion as part of its ongoing global expansion. This move follows reports that US-based exchanges are trying to increase their presence in developing countries.

Founded in 2013, BtcTurk claims to have more than 4.5 million users and 850 employees and owns a reliable Turkish newspaper that will generate $116 billion in transactions in 2021. 

BtcTurk can be attractive to Coinbase due to the particularly high adoption of cryptocurrencies in Turkey beyond longevity in business. In fact, according to Statista, Turkish people have the fifth-highest percentage of digital assets in the world.

BtcTurk isn't the only crypto exchange that Coinbase is interested in. The company seems to be trying to expand its service to new fields from the beginning of the year. There were rumors in March that the company acquired Mercado Bitcoin's parent company, 2TM, to expand its business in Latin America.