Coinbase aims to expand its network in Turkey with BtcTurk

Coinbase exchange reportedly plans to expand its crypto offering across Turkey.

Turkey is that country in the world, which experienced a huge economic downfall because of the Covid-19 pandemic wave. The value of the Turkish Lira faced a huge downfall against the US dollar, however, Lira secured some stability in the last few months but the situation is still critical. Right now legally crypto-based payment systems are banned in Turkey under the law of the Central Bank but citizens are allowed to trade crypto assets without any restriction. These things are a clear hint that Turkey is in the initial phase of Crypto and blockchain adoption. 

Recently a Turkish news media channel, Webrazzi, published a report on US-based public crypto exchange Coinbase’s plan to acquire the BtcTurk exchange.

According to the report, Coinbase exchange is currently in talks to acquire the BtcTurk exchange with a total of $3 billion cash deal. People associated with this matter, Reportedly said that Coinbase exchange will buy the exchange with a dilution of its own Coinbase shares and also its Cash funds. 

Coinbase exchange already have its hand in almost every country and state, where crypto trade and use is legal. In March of this year, Coinbase announced plans to acquire a Brazil-based crypto exchange with a $2.1 billion deal. There are huge chances that a deal will be done this month. 

Information leaked by the official of the Coinbase exchange confirmed that the deal may be done within April of this year, to acquire this Turkey-based exchange. 

Two popular news media outlet, Mergermarket and Bloomberg, confirmed that all the terms & conditions are formality-based works and will be done soon with an agreement letter. However, these things are confirmed but the transaction deal is still waiting for the official announcement.

This month, the Coinbase exchange also showed its significant presence in India with its regional office. However, the exchange failed to get legal support from payment partner Companies because of the lack of regulatory framework on crypto in India, but still grabbed huge traction in Indian Crypto community because of this failure.

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