PANews reported on November 12th that, according to Fortune magazine, a spokesperson for cryptocurrency exchange Coinbase confirmed that Coinbase and UK-based stablecoin startup BVNK have cancelled acquisition talks. It is unclear why the two companies shelved the deal, which had progressed to the due diligence stage, and in October, Coinbase and BVNK reached an exclusivity agreement, meaning BVNK could not accept offers from other bidders. A Coinbase spokesperson stated in a statement: “We are constantly seeking opportunities to expand our mission and product offerings. After discussing the possibility of acquiring BVNK, both parties have agreed not to pursue this further.”

BVNK, which helps clients use stablecoins for payments, cross-border transactions, and other applications, is being acquired for approximately $2 billion. If the deal goes through, it will be nearly double the $1.1 billion that fintech giant Stripe paid in February to acquire stablecoin startup Bridge.