Coinbase has ended negotiations to acquire stablecoin startup BVNK, according to a Fortune report on Tuesday. Sources told the publication that the proposed deal was valued at approximately $2 billion.
Both the American crypto exchange and Mastercard had been in advanced discussions to acquire BVNK, the UK-based fintech firm that builds stablecoin infrastructure. Coinbase and BVNK then entered exclusive negotiations.
“We’re continuously seeking opportunities to expand on our mission and product offerings,” a Coinbase spokesperson told Fortune. “After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward.”
Decrypt has reached out to Coinbase for confirmation.
Editor’s note: This story is breaking and will be updated with additional details.