Coinbase Global Inc. is making a high-stakes move into the payments lane. The U.S.-based crypto exchange, according to Bloomberg, entered late-stage talks to acquire BVNK, a London startup that helps businesses move money across borders using stablecoins — the crypto industry’s version of digital cash. Summary The deal is reportedly valued between $1.5 billion and $2.5 billion. If completed, the acquisition would be the largest-ever in the stablecoin sector. BVNK recently secured investments from Citi Ventures and Visa Ventures, following a $50 million Series B round led by Haun Ventures with participation from Coinbase Ventures and Tiger Global. The deal, said to be valued between $1.5 billion and $2.5 billion, would the largest in the stablecoin space, surpassing the $1.1 billion sale of Bridge. Coinbase, if successful, would gain a foothold in the rapidly growing stablecoin economy and help loosen its dependence on volatile trading fees. It’s also a signal that Coinbase wants to act less like an exchange and more like a full-fledged fintech. BVNK has drawn attention from big players like Mastercard, but Coinbase appears to be closing in, with the transaction expected to wrap by early next year The timing couldn’t be sweeter: Coinbase just posted a blowout quarter with $1.9 billion in revenue, up 25% from the previous three-month period, and CEO Brian Armstrong is going long on Bitcoin — literally. The company added 2,772 BTC to its balance sheet this quarter, bringing its total stash to more than 14,500 Bitcoin, or roughly $1.6 billion worth of digital gold.
