Coinbase and stablecoin startup BVNK cancel $2 billion acquisition deal

According to Fortune magazine, a spokesperson for the cryptocurrency exchange Coinbase confirmed that Coinbase has canceled acquisition talks with UK-based stablecoin startup BVNK. It is currently unclear why the two companies have shelved the deal, which had progressed to the due diligence stage, and in October, Coinbase and BVNK reached an exclusivity agreement, meaning BVNK could not accept offers from other bidders.

A Coinbase spokesperson stated in a statement, "We are always looking for opportunities to expand our mission and product offerings. After discussing the possibility of acquiring BVNK, both parties agreed to no longer pursue this matter." BVNK helps customers use stablecoins for payments, cross-border transactions, and other application scenarios, with an acquisition price of approximately $2 billion. If the deal had gone through, the amount would have been nearly double the $1.1 billion that fintech giant Stripe paid in February this year to acquire stablecoin startup Bridge.