https://ift.tt/vJPUkVM To Acquire Turkish Crypto Exchange BTCTurk For Negotiated $3.2B

• Coinbase has recently created a test version of its own NFT marketplace.
• The deal has been struck for $3.2 billion, down from the original $5 billion.

The deal, which was previously valued at $5 billion, is anticipated to cement Coinbase’s dominance in Turkey. As of May, Coinbase, the second-largest cryptocurrency exchange globally, will assume control of BTCTurk, a nine-year-old Turkish exchange. It has been a long time coming, but the deal has been struck for $3.2 billion, down from the original $5 billion.

Coinbase All-set to Expand its Base

When it opened in 2013, it was Turkey’s first cryptocurrency exchange. It now works with seven major Turkish banks, enabling money to be transferred via them. According to the exchange’s annual report, Turkish Lira transactions totaled $116 billion last year. In addition, Coinbase can enter the nation, which has a considerable amount of crypto activity, for the first time by acquiring BTCTurk.

Investors in cryptocurrencies made almost $4.5 billion in profit last year, making the Philippines the sixth-largest country in terms of profitability. In addition to acquisitions, Coinbase has recently created a test version of its own NFT marketplace and is preparing for an official debut in the near future. Furthermore, this demonstrates the burning desire that Coinbase has to surpass all others as the world’s largest bitcoin exchange.

This is a good time to seal the transaction since the market is showing some recovery signs. However, it is impossible to predict where things will go on a larger scale. It has been a rough few weeks for the market, which has been unable to hold over the $2 trillion barriers since the year started.