Coinbase cancels $2B acquisition of stablecoin startup BVNK

Key Takeaways

• Coinbase has dropped its plan to buy BVNK, a stablecoin infrastructure startup, for $2 billion.
• The acquisition was aimed at strengthening Coinbase’s stablecoin payments capabilities.

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Coinbase, a US-based cryptocurrency exchange, has abandoned its planned $2 billion acquisition of BVNK, a London-based startup providing infrastructure for stablecoin operations, Fortune reported today.

The exchange had been in late-stage negotiations to acquire BVNK as part of its strategy to advance stablecoin payments capabilities before deciding to abandon the deal.

Mastercard has also engaged in advanced discussions to acquire BVNK as part of its push into stablecoin infrastructure, creating competition for the startup’s services.

Stablecoins are gaining prominence as a core payments tool following recent congressional legislation clarifying rules for their use.

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