Coinbase Global has reportedly called off its planned $2 billion acquisition of stablecoin infrastructure startup BVNK, a deal that had entered the due diligence stage in October. The specific reasons for the termination have not been disclosed. The cancellation suggests a potential shift in Coinbase's strategic priorities or a re-evaluation of large-scale acquisitions in the current market. Contemporaneously, Coinbase launched an interest-bearing savings account for its UK customers, offering a 3.75% annual interest rate. This new product is powered by ClearBank and is covered by the UK's deposit protection scheme. This move highlights a dual focus for the company: expanding its core crypto services while simultaneously building out more traditional, regulated financial offerings in international markets to diversify its revenue streams beyond volatile trading fees.
Coinbase Cancels $2B Acquisition, Pivots to UK Savings Product
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