Coinbase Backs Out of Largest-Ever Stablecoin Deal
Hey FinTech Fanatic!
Coinbase has just called off its $2 billion plan to acquire stablecoin infrastructure startup BVNK.
In a statement to Fortune, a spokesperson for Coinbase said that "both parties mutually agreed not to move forward.”
The deal was quite advanced, already in the due diligence phase. It is not clear what made it fall through.
Last month, the American crypto exchange was reportedly competing with Mastercard to acquire BVNK.
If it had gone through, it would have been the largest stablecoin acquisition ever.
But... not this time.
👇 Scroll down for more FinTech stories shaping the week, and I'll be back in your inbox tomorrow!
Cheers,
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M&A
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