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BtcTurk acquisition plans have not yet been confirmed
Turkey as an emerging market
Global cryptographic exchange expansion plans
After it was recently reported that Coinbase is reaching out to the Brazilian mother of Mercado Bitcoin, a takeover of the Turkish cryptocurrency 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 outlets report with reference to Mergermarket, a takeover sum of 3.2 billion US dollars is being negotiated. According to the Turkish tech portal Webrazzi, part of the amount must be paid in shares. An agreement party may have already 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.
What makes Turkey interesting for crypto brokers?
As the Turkish lira continues to fall, cryptocurrencies in Turkey are an interesting investment opportunity. According to a study by Chainalysis, Turkey was even ranked 6th in an international comparison with the realized surplus from cryptocurrencies 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 along with the branch it opened two years ago. Turkey generates above average traffic to 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 to enable access to the cryptocurrency system and thus global economic freedom.
Nana Murugesan, responsible for international and business development, emphasizes that in its global expansion strategy, Coinbase wants to work with regulators in the various markets to be the most trusted platform in the market. Coinbase CEO and co-founder Brian Armstrong also commented on the company’s blog: “Clear traffic rules 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 divides the following markets into the company’s blog: America (including Latin America and Canada), EMEA (Europe, Middle East and North Africa, sub-Saharan Africa) and APAC (South 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 managers.
The acquisition of Turkey’s oldest crypto exchange can therefore become a cornerstone of 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 it was looking for country leaders for Turkey.
Gearing must be between 2 and 20
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