A Coinbase spokesperson confirmed to Fortune that the cryptocurrency exchange has officially terminated its acquisition discussions with UK-based stablecoin startup BVNK. Coinbase had initially secured exclusive negotiation rights with BVNK after navigating a competitive bidding process.

Coinbase Abandons BVNK Acquisition

A Coinbase representative stated , “We’re continuously seeking opportunities to expand on our mission and product offerings. After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward.”

The acquisition, which was valued at around $2 billion, would have positioned the crypto firm as a significant player in the stablecoin infrastructure landscape, which has been continuously rising throughout the year under President Trum

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