Cryptocurrency exchange Coinbase is considering buying Turkey-based BtcTurk for about $3.2 billion in a deal partly settled through a share swap.
Sources from MergeMarket note that a term sheet has been signed, and the company is completing its technical due diligence for the acquisition of the exchange, founded in 2013.
The announcement comes when other cryptocurrency platforms, including Binance, OKX, and Bybit have set up a base in Istanbul. Turkey has reportedly seen a rise in demand for cryptocurrency assets amid a decline in the local currency.
BtcTurk is ranked as one of the country’s earliest cryptocurrency exchanges, with about 4.5 million users and $200 million in daily trading volumes. Its rival Paribu has about $179 million volume.