Coinbase, the Nasdaq-listed crypto exchange, has ended acquisition talks with British startup BVNK, ending what could have been one of the largest deals in digital payments history, according to Fortune.
People familiar with the matter told Fortune that Coinbase led the bidding ahead of Mastercard before negotiations were called off.
For Coinbase, which already issues the USDC stablecoin in partnership with Circle, acquiring BVNK would have strengthened its presence in cross-border payments and expanded its merchant services footprint.
A Coinbase spokesperson confirmed to Fortune that the deal was no longer moving forward, but did not elaborate on the reasons for the decision.
Previous reports put bids for BVNK at between $1.5 billion and $2.5 billion, making it one of the largest M&A deals in the stablecoin space.
