Coinbase backs out of plans to acquire stablecoin company BVNK

Coinbase, a US cryptocurrency exchange, has withdrawn its plans to acquire stablecoin infrastructure company BVNK.
Coinbase said, "We have had discussions regarding the acquisition of BVNK, but by mutual agreement we are unable to proceed."
Earlier last month, it was reported that Coinbase and global payment giant Mastercard were jointly pursuing the acquisition of BVNK.
Coinbase was awarded exclusive negotiating rights, and the acquisition price was reportedly expected to be around $2 billion.
Coinbase has been in the midst of M&A since the start of the second term of the Trump administration.
), and in August last year it acquired the cryptocurrency derivatives exchange Deribit for approximately $2.9 billion.