Coinbase to Buy Turkish Crypto Exchange BtcTurk

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Cryptocurrency exchange Coinbase is in the final stages of negotiations to take over Turkey-based cryptocurrency trading platform BtcTurk.

According to local sources, the deal could amount to $3.2 billion.

The parties have signed a protocol of intent, and due diligence is underway. BtcTurk, which was founded in 2013, serves 4.5 million users.

According to Cumhuriyet, the trading volume of the platform was around $116 billion last year.

The initiative reflects Coinbase’s intention to strengthen its presence in developing countries. According to Bloomberg, in March, the exchange agreed to take over the operator of Latin America’s largest crypto broker Mercado Bitcoin.