TechFlow news, November 12 — According to Fortune, cryptocurrency exchange Coinbase has canceled its planned acquisition of UK-based stablecoin startup BVNK, which was initially valued at approximately $2 billion.
The deal had advanced to the due diligence stage, with both parties signing an exclusivity agreement in October, but ultimately failed to reach an agreement. A Coinbase spokesperson said the two companies jointly decided not to move forward with the acquisition after discussions.
If completed, the transaction would have been one of the largest acquisitions in the stablecoin sector, nearly double the size of payments giant Stripe's $1.1 billion acquisition of stablecoin startup Bridge. BVNK primarily provides customers with stablecoin payment and cross-border transaction services.
