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Coinbase plans $3.2bn purchase of crypto exchange BtcTurk: report

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Major US-based cryptocurrency exchange Coinbase is reportedly planning to buy BtcTurk for $3.2 billion.

According to Turkish tech media outlet Webrazzi, citing a Thursday report from Mergermarket, the two exchanges have negotiated a price based on the market behavior of the Turkish lira and bitcoin (BTC), which amounts to about $3.2 billion. According to reports, one or both of the two companies have already signed a term sheet.

The potential acquisition would follow when Coinbase CEO Brian Armstrong announces plans to expand into every country where the exchange can legally operate. Cointelegraph reported in March that Coinbase is preparing to buy 2TM, the parent company of Latin America-based crypto brokerage firm Mercado Bitcoin.

Coinbase is also currently hiring a Country Director for its operations in Turkey. According to the job posting, the director’s duties also include accelerating the exchange’s “strategic partnerships” in the country. Binance announced on April 14 that it has set up a customer service center in Turkey to shut down crypto scams.

Related: Crypto and NFTs meet regulations as Turkey embraces digital future

Founded in 2013, BtcTurk is one of the largest and oldest crypto exchanges in Turkey, sharing the market with its competitor Paribu and others. According to data from CoinMarketCap, the company had more than $196 million in trading volume over the past 24 hours.

Cointelegraph reached out to Coinbase and BtcTurk, but received no response at the time of publication.