Coinbase has withdrawn from a proposed $2 billion deal to acquire BVNK, a payments and stablecoin infrastructure platform.
In October, Coinbase secured an exclusivity agreement with BVNK after contending with Mastercard over the potential acquisition. A Coinbase spokesperson confirmed to Fortune Magazine that the deal did not proceed, noting that both parties mutually agreed to halt negotiations, though the reasons were not disclosed.
Coinbase’s exit from talks opens the door for Mastercard and other potential buyers to make offers. BVNK processes over $20 billion annually for global enterprises and payment service providers like Worldpay, Flywire, and dLocal, and offers a unified wallet for businesses to send, receive, convert, and store stablecoins and fiat with compliance and scalability.
Earlier this year, payments giant Stripe acquired another stablecoin platform, Bridge, in a deal valued at around $1.1 billion.