Crytpo exchange Coinbase (COIN) is in talks to buy Turkey’s BtcTurk, Bloomberg reported on Thursday.
The deal could be worth around $3.2 billion, MergerMarket’s five sources said, according to Bloomberg. A term sheet has been signed and the company is doing its technical due diligence.
At least part of the deal could be a share swap, one of the sources told MergerMarket.
Other crypto exchanges including Binance, OKX and Bybit have set up operations in Turkey, where crypto has been a popular investment because of the local currency’s decline.
Founded in 2013, BtcTurk is one of the country’s oldest crypto exchanges and counts 4.5 million pro users, according to one of Turkey’s top newspapers, Cumhuriyet. It has recorded $200 million in trading volume in the past 24 hours, compared with $179 million for its biggest local competitor, Paribu, according to CoinMarketCap data.
BtcTurk had not responded to a request for comment by publication time.
