Cryptocurrency exchange Coinbase is reportedly in talks to buy Turkish exchange BtcTurk as it seeks to ramp up its presence in developing economies.
The deal, first reported by MergerMarket and then cited by Bloomberg, could be worth close to $3.2 billion and is reportedly in the later stages of closing. A term sheet has already been signed and the company is currently completing its technical due diligence.
The Block contacted both BtcTurk and Coinbase for comment but did not immediately receive a response.
BtcTurk was founded in 2013 by Kerem Tibsuk and is one of Turkey's most popular crypto exchanges, counting 4.5 million users and 850 employees. According to the Turkish newspaper Cumhuriyet, it reached a transaction volume of $116 billion last year.
The move follows reports that the US-based exchange is looking to increase its presence in developing countries. Last month, Bloomberg reported that it was set to close an acquisition of 2TM, a Brazilian entity that controls Latin America's largest crypto brokerage Mercado Bitcoin.
Yesterday, Coinbase also made its move into the NFT space, launching an NFT marketplace in beta for select customers.