Expand Reach, Coinbase Buys Crypto Exchange BtcTurk

Coinbase bought a crypto trading platform from Turkey. (Between)

JAKARTA – One of the largest crypto trading companies in the United States (US) is trying to expand its global expansion. Coinbase plans to buy Turkish crypto exchange BtcTurk.

The purchase of BtcTurk is estimated to be worth USD 3.2 billion or IDR 46.2 trillion. To acquire the exchange, Coinbase will reportedly use shares and cash to complete the purchase, local media reported.

While other reports stated the initial price of the deal was 5 billion US dollars or Rp. 72 trillion. However, as the Turkish lira experienced inflation and Bitcoin also experienced a recent decline, both sides agreed on a price of 3.2 billion US dollars.

Reporting from CryptoPotato, Coinbase is raising its hopes of expanding its operations on a global level and introducing its services to millions of new customers after completing the acquisition. Turkey's strategic location in Europe and Asia could be a favorable factor for that purpose.

BtcTurk is the first cryptocurrency exchange in Turkey. Founded in 2013, it has more than 4 million users and recorded a trading volume of 200 million US dollars in the last 24 hours. In comparison, the country's largest digital asset platform – Paribu – transacted nearly 20 million US dollars less.

For its part, Coinbase, with around 90 million customers, is one of the largest cryptocurrency exchanges in the world. The trading platform, which is also listed on Nasdaq, generated a net profit of more than $3.5 billion in 2021 (11 times more than the figure in 2020).

Earlier this year, Coinbase revealed its intention to acquire 2TM Brasil. The latter is the holding that controls the largest crypto platform in South America, Mercado Bitcoin.