Coinbase and UK-based fintech startup BVNK have ended acquisition talks, a Coinbase spokesperson confirmed to Fortune.
According to reports, the companies had reached the due diligence and exclusivity stage but mutually agreed to stop negotiations. No further details have been disclosed.
Sources said Coinbase was considering acquiring BVNK for about $2B. The deal would have nearly doubled the $1.1B that Stripe paid in February to acquire the startup Bridge.
BVNK focuses on stablecoin solutions, including payments, cross-border transfers, and corporate settlements. In its statement, Coinbase emphasized that it remains committed to expanding its product line and advancing its mission.
Activity in the stablecoin market remains high. In recent months, major banks and payment companies have shown growing interest in the segment.
Mastercard, which previously considered acquiring BVNK, is now in talks to buy crypto infrastructure firm zerohash for $1.5–2B.
Analysts note that for Coinbase, acquiring BVNK would have represented its largest investment in stablecoin infrastructure to date. The exchange has been expanding through acquisitions: in January, it bought the derivatives platform Deribit for $2.9B.
Coinbase CEO Brian Armstrong stated that all of the company’s major deals are focused on strengthening its trading and payments ecosystem.
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