Coinbase, the largest cryptocurrency exchange in the United States, is reportedly in late-stage talks to acquire London-based stablecoin infrastructure startup BVNK in a deal valued between $1.5 billion and $2.5 billion, according to Bloomberg sources familiar with the matter. While discussions are advancing, the deal remains under due diligence, and nothing is finalized. The acquisition could potentially close later this year or early next year, though terms may still change, and the plan could ultimately fall through.
The potential acquisition has not been publicly announced, and those speaking to Bloomberg requested anonymity. Notably, Coinbase Ventures, the exchange’s venture capital arm, is already an investor in BVNK. Representatives for BVNK did not respond to requests for comment. Coinbase itself issued a neutral 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.”
Although cautious in tone, the move aligns with Coinbase’s ongoing strategy to diversify beyond trading revenue.
A Strategic Move into Stablecoins and Payments
Reports indicate that Coinbase has exclusivity in the takeover talks, meaning no other bidders are actively in the running. This follows a comprehensive bidding process. The timing is notable, coinciding with increased activity in the stablecoin market following the passage of the first U.S. regulation for stablecoins in July. Since then, major payment networks such as Visa and Mastercard, along with prominent banks, have been exploring blockchain-based solutions for faster and more cost-effective payments.
Stablecoins are already an important revenue stream for Coinbase. According to the company’s Q3 shareholder letter, nearly 20% of its revenue came from stablecoin activity. Coinbase has been actively pushing the usage of USDC, the stablecoin it supports in partnership with Circle. Recent initiatives, such as a payments integration with Shopify, highlight this strategic focus.
Executives have confirmed in earnings calls that acquisitions in the payments sector are a key component of Coinbase’s expansion plans. BVNK’s platform, which allows merchants to accept payments in stablecoins, could integrate seamlessly into Coinbase Business, a service launched earlier this year for payments, invoicing, and financial operations. The integration would enable a stablecoin-based banking and payment system for companies seeking alternatives to traditional banking infrastructure.
About BVNK
Founded in 2021, BVNK has raised $90 million in funding from investors including Citi Ventures, Haun Ventures, and Visa. Its technology is designed to simplify crypto payment processing for merchants, bridging the gap between traditional banking and blockchain-based solutions.
Implications for Coinbase
If the acquisition closes, it would mark another step for Coinbase away from dependence on trading volumes, reinforcing its ambitions in stablecoin payments and merchant solutions. Even if the deal does not materialize, the talks make clear the company’s strategic direction: leveraging stablecoins to expand its financial services ecosystem.
This potential acquisition underscores a broader trend in the crypto space, where exchanges are increasingly seeking to diversify revenue streams and provide enterprise-ready solutions beyond trading, capitalizing on the growing adoption of blockchain payments and stablecoins.
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