Coinbase Cancels $2 Billion Acquisition Plan of Stablecoin Startup BVNK

BlockBeats News, November 12th, Coinbase has terminated its $2 billion acquisition agreement with BVNK, a stablecoin infrastructure startup. If completed, this would have been one of the largest mergers and acquisitions in the history of the cryptocurrency industry, significantly expanding Coinbase's institutional stablecoin business.

Fortune magazine reported on Tuesday that the decision was mutually agreed upon by both parties, but the reasons for the termination are not yet clear. The stablecoin infrastructure developer had signed an exclusivity agreement with Coinbase in October and had completed the due diligence phase. A Coinbase spokesperson confirmed to Fortune: "After discussing a potential acquisition, both parties jointly decided not to proceed with the plan," and indicated that they will continue to explore other opportunities. This would have been Coinbase's second-largest acquisition after its $2.9 billion purchase of the cryptocurrency derivatives exchange Deribit in August.