Overview
- Coinbase confirmed to Fortune that it mutually agreed with BVNK not to proceed with an acquisition.
- Negotiations had advanced to exclusivity in October, with due diligence under way before the decision to walk away.
- Sources reported a price near $2 billion, which would have surpassed Stripe’s $1.1 billion purchase of Bridge.
- BVNK builds stablecoin payments infrastructure, raised $50 million last December at a $750 million valuation, and received a strategic investment from Visa.
- Mastercard had also been in advanced talks to acquire BVNK, with Fortune reporting it is exploring other stablecoin infrastructure deals such as Zerohash.