According to a new report, Coinbase has also entered into late-stage talks to purchase stablecoin infrastructure BVNK in an estimated $2 billion deal. This move represents a play in a much larger stablecoin industry push by the largest US-based cryptocurrency exchange.
According to the report, the company’s venture capital arm, Coinbase Ventures, is an investor in BVNK. One of the cited sources also revealed that while the deal is already in late-stage talks, terms may change, and the deal is still at risk of collapsing.
A Coinbase spokesperson told Bloomberg in a statement:
We don’t comment on rumors or speculation. Driven by our mission to expand economic freedom globally, we actively explore various opportunities—whether through building, acquiring, partnering, or investing – to advance our mission.
This latest Bloomberg report somewhat adds credence to the Fortune report—from earlier this week—that disclosed that Coinbase holds exclusivity with BVNK for takeover talks after winning the bidding war. Mastercard was reportedly also engaged in talks with the stablecoin infrastructure before setting its sights on Zerohash, another crypto startup, for over $1.5 billion.
While Coinbase’s Q3 earnings call trended for an unusual reason, after CEO Brian Armstrong dropped a list of crypto buzzwords relevant to the Mentions Market, the crypto company delivered strong profits in the last quarter.
As of this writing, the Coinbase stock (COIN) is valued at about $343.78, reflecting a 4.6% jump in the past 24 hours. While the company’s stock traded as high as $361 on Friday, it witnessed a correction before closing the day around the $340 mark.
