Coinbase, the largest US cryptocurrency exchange, said its proposed $2 billion acquisition of BVNK will not move forward.
The transaction would have ranked among the largest acquisitions of a stablecoin infrastructure startup.
“After discussing a potential acquisition of BVNK, both parties mutually agreed not to move forward,” a Coinbase spokesperson said, according to Bloomberg.
BVNK did not immediately respond to a request for comment.
The reason for the collapse of the deal was not immediately clear.
The talks had reached the due diligence stage, and the companies entered an exclusivity agreement in October that prevented BVNK from seeking other buyers.
Coinbase had previously said the acquisition was part of its effort to diversify revenue streams beyond trading fees, according to a recent shareholder letter.
Find more information on the earlier details of the acquisition here.
