Coinbase is set to take over Turkish crypto exchange ‘BtcTurk’ in a whopping $3.2 billion deal. Starting from May, the world’s second-largest crypto exchange will be in charge of BtcTurk.

According to some reports, the original purchase was estimated at about $5 billion. But, long-running negotiations over the fall of both the Turkish Lira (and ) led to a final $3.2 billion agreement.

BtcTurk, a central exchange that is located in Istanbul in Turkey was launched in 2013. The exchange claims it is the largest cryptocurrency exchange in Turkey, with more than 4.5 million users. Integration with seven Turkish banks allows for deposits and withdrawals in Turkish lira. BtcTurk PRO members can withdraw Bitcoin and trade with Turkish users without incurring transfer fees.

Coinbase (NASDAQ:) CEO Brian Armstrong stated earlier this year that the company would be developing an expansion plan and working to launch ‘Coinbase NFT’⁠—a digital collectible marketplace.

Binance, which is the largest crypto exchange platform by trade volume above Coinbase, has opened a Turkey customer service center earlier in this month. Both crypto exchange titans see huge market opportunities in Turkey, partly due to the country’s strategic position as both part of Europe and Asia.

The Flipside

• In March, Coinbase revealed its intention to acquire Brazil-based unicorn 2TM, valued at over $1 billion, which controls the largest crypto exchange platform in Latin America – ‘Mercado Bitcoin’.

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