Coinbase Abandons $2 Billion Acquisition of Stablecoin Firm BVNK: Fortune

Coinbase has ended negotiations to acquire stablecoin startup BVNK, according to a Fortune report on Tuesday. Sources told the publication that the proposed deal was valued at approximately $2 billion.

Both the American crypto exchange and Mastercard had been in advanced discussions to acquire BVNK, the UK-based fintech firm that builds stablecoin infrastructure. Coinbase and BVNK then entered exclusive negotiations.

“We’re continuously seeking opportunities to expand on our mission and product offerings,” a Coinbase spokesperson told Fortune. “After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward.”

Decrypt has reached out to Coinbase for confirmation.

Editor’s note: This story is breaking and will be updated with additional details.