Coinbase Withdraws $2 Billion-Scale BVNK Acquisition

U.S. virtual asset (cryptocurrency) exchange Coinbase has withdrawn its acquisition of stablecoin infrastructure startup BVNK.

According to on-chain data platform Unfolded on the 11th (local time), the deal was valued at about $2 billion and was considered a key acquisition Coinbase had been pursuing to expand its stablecoin payment network. However, the company did not specify the reasons for withdrawing the acquisition.

Previously, Coinbase planned to use BVNK's technology to strengthen global stablecoin payment infrastructure and expand the range of financial services for institutional customers. In particular, BVNK is a company that provides bank-to-bank payment and foreign exchange remittance functions on a blockchain basis and has recently focused on expanding into European and African markets.

Market observers say the withdrawal could be a decision due to changes in the regulatory environment or strategic adjustments within Coinbase.