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Coinbase intends to acquire BtcTurk, a crypto exchange, for R54 billion

The proposed acquisition would come after Coinbase CEO Brian Armstrong announced aspirations to expand to every country where the exchange is legally permitted to operate. Coinbase is believed to be planning a $3.2 billion (R 54bn) acquisition of BtcTurk.

According to Webrazzi, a Turkish digital media source, the two exchanges negotiated a price based on the market behaviour of the Turkish lira and Bitcoin (BTC), reaching around $3.2 billion(R 54bn). According to reports, one or both of the two companies have already signed a term sheet. BtcTurk, which was founded in 2013, is one of the largest and oldest cryptocurrency exchanges in Turkey, competing with Paribu and others.  
CoinMarketCap data stipulates that the company has seen more than $196 million( R 3.3bn) in trading volume in the last 24 hours.

This comes after Coinbase CEO Brian Armstrong announced aspirations to expand to every country where the exchange is legally permitted to operate. Coinbase was poised to buy 2TM, the parent company of Latin America-based crypto trading firm Mercado Bitcoin,  in March. 

Coinbase is also looking for a country director for its Turkish operations. The director’s responsibilities, according to the job description, include accelerating the exchange’s “strategic alliances” throughout the country. Binance said on April 14 that it had opened a customer care centre in Turkey to combat cryptocurrency fraud.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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