shares in this article
Forex in this article
BtcTurk acquisition plans not yet confirmed
Turkey as an emerging market
Global crypto exchange expansion plans
After it was recently reported that Coinbase is reaching for the Brazilian mother of Mercado Bitcoin, a takeover of the Turkish crypto exchange BtcTurk is now in the pipeline. The takeover plans for the oldest Turkish crypto broker have not yet been confirmed, but as various media reports, citing Mergermarket, a takeover sum of 3.2 billion US dollars is being negotiated. According to the Turkish tech portal Webrazzi, part of the sum is to be paid in shares. A contracting party may already have signed.
BtcTurk was founded back in 2013 and is one of the largest crypto exchanges in Turkey with 4.5 million professional users. Together with Paribu, it dominates the Turkish market.
advertising
What Makes Turkey Interesting for Crypto Brokers?
As the Turkish lira continues to decay, crypto assets in Turkey are an interesting investment opportunity. According to a study by Chainalysis, Turkey even ranked 6th in an international comparison with the realized profits from crypto assets for 2021, significantly higher than when comparing the gross domestic product.
Other crypto exchanges are also involved locally. As Cointelegraph reports, market leader Binance will inaugurate a customer service center in Turkey alongside the branch it opened two years ago. Turkey generates above-average traffic for the crypto platform.
Worldwide expansion plans
According to Coinbase, it has more than 89 million verified users in over 100 countries, 11,000 institutions, 185,000 ecosystem partners. The company had already presented its global expansion strategy several times and wants to expand its local involvement in order to enable access to the crypto financial system and thus economic freedom worldwide.
Nana Murugesan, responsible for international and business development, emphasizes that in its global expansion strategy, Coinbase wants to work together with the regulators in the different markets in order to be the most trusted platform in the market. Coinbase CEO and co-founder Brian Armstrong also commented on the company’s blog: “Clear rules of the road enable technological innovation and investment, and give public and policy makers confidence that these markets are fair.” In the comprehensive global investment plan, Nana Murugesan breaks down the following markets in the company blog: Americas (including Latin America and Canada), EMEA (Europe, Middle East and North Africa, Sub-Saharan Africa) and APAC (Southern Asia, Southeast Asia and Oceania, North – and East Asia). The first step in the company’s expansion strategy is always the hiring of local experts and executives.
The takeover of Turkey’s oldest crypto exchange could therefore be a mainstay for Coinbase in the EMEA market. The Turkish tech portal Webrazzi had already pointed out in February that Turkey was on the radar of the crypto exchange because country managers were being sought for Turkey.
Editorial office finanzen.net
Leverage must be between 2 and 20
No data
Image sources: Primakov / Shutterstock.com, Burdun Iliya / Shutterstock.com