Coinbase has pulled out of a proposed $2 billion deal to buy payments and stablecoin infrastructure platform BVNK.
Coinbase had reportedly secured an exclusivity agreement with BVNK in October following a tussle with Mastercard over a potential acquisition.
A Coinbase spokesperson confirmed to Fortune Magazine that the deal had fallen through, saying that both parties mutually agreed not to move forward with the transaction. The reasons for ending the talks were not disclosed.
The exit of Coinbase from negotiations clears the way for Mastercard and other possible suitors to make an offer.
BVNK processes over $20 billion annually for global enterprises and payment service providers including Worldpay, Flywire, and dLocal and provides a unified wallet for businesses to send, receive, convert and store stablecoins and fiat with compliance and scalability.
Early this year, another stablecoin platform Bridge was bought by payments giant Stripe in a deal worth around $1.1 billion.