Nasdaq-listed cryptocurrency exchange Coinbase has ended acquisition talks with UK-based stablecoin startup BVNK, halting what could have been one of the largest deals in the history of digital payments, according to Fortune.
People familiar with the matter told Fortune that Coinbase had been leading the bidding ahead of Mastercard before talks were called off.
For Coinbase, which already issues the USDC stablecoin in partnership with Circle, acquiring BVNK would have strengthened its position in cross-border payments and expanded its merchant services footprint.
A Coinbase spokesperson confirmed to Fortune that the deal is 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.
