(Nov 12): Coinbase Global Inc, the biggest US crypto exchange, said it won’t move forward with plans to acquire stablecoin infrastructure startup BVNK in what was a roughly US$2 billion transaction.
“After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward,” a Coinbase spokesperson said. BVNK didn’t immediately return a request for comment.
Last month, Bloomberg reported that the companies were in late-stage talks, with any agreement pending due diligence, according to people familiar with the matter.
Coinbase Ventures, the company’s venture capital arm, is an investor in BVNK. San Francisco-based Coinbase had expected to close the deal later this year or early next, according to one of the people at the time, who requested anonymity because the transaction hadn’t been made public.
Fortune reported earlier Tuesday (Nov 11) that the deal had fallen apart.
Uploaded by Arion Yeow
