Coinbase Abandons $2B BVNK Acquisition Deal Amid Stablecoin Expansion Setback
Coinbase Global has unexpectedly terminated negotiations to acquire BVNK, a London-based stablecoin infrastructure startup, in a deal that WOULD have been valued at $2 billion. The collapse of this acquisition marks a significant setback for Coinbase's strategic expansion into the stablecoin sector. Both parties mutually agreed to end discussions after entering an exclusivity period in October, with due diligence completed but no reasons disclosed for the termination. This development raises questions about Coinbase's future moves in the rapidly evolving stablecoin market as of November 2025.
Coinbase Terminates $2B BVNK Acquisition Deal
Coinbase Global has abruptly ended negotiations to acquire BVNK, a London-based stablecoin infrastructure startup, in what would have been a landmark $2 billion deal. The collapse marks a significant setback for Coinbase's expansion strategy in the stablecoin sector.
Both parties mutually agreed to terminate discussions after entering an exclusivity period in October. While due diligence was completed, neither firm disclosed the reason for the deal's failure. BVNK's technology enables businesses to integrate stablecoins into payment systems—a capability Coinbase coveted as it seeks to diversify beyond trading services.
The failed acquisition represents a missed opportunity to consolidate stablecoin infrastructure at scale. Market observers note the deal's collapse leaves Coinbase without a clear alternative to compete with Tether and Circle's dominance in dollar-pegged tokens.
JPMorgan Launches Blockchain-Based Deposit Token JPM Coin for Institutional Transfers
JPMorgan has officially rolled out its blockchain-based deposit token, JPM Coin, designed for institutional clients. The token represents dollar deposits held at the bank, enabling near-instant transfers via Coinbase’s Base public blockchain. According to Naveen Mallela, global co-head of JPMorgan’s blockchain division Kinexys, the solution processes payments in seconds—operating 24/7 without traditional banking delays.
The bank plans to expand the service to additional blockchains, signaling a broader push into digital asset integration for institutional banking. Pilot tests with major firms like Mastercard, Coinbase, and B2C2 have already been completed, with Coinbase reportedly set to accept JPM Coin as collateral for transactions.
Mallela emphasized that deposit tokens differ from stablecoins, calling them 'yield-bearing' digital claims on existing client bank accounts. Regulatory approvals pending, JPMorgan aims to extend access to clients’ clients and support multiple currencies.
Bitwise Chainlink ETF Listed on DTCC: What This Means for LINK?
The Bitwise chainlink ETF, tickered as CLNK, has surfaced on the DTCC eligibility list, sparking market speculation. While this procedural step precedes SEC approval, it signals progress toward mainstream adoption for Chainlink. Bitwise's August 2025 filing aims to provide regulated exposure to LINK via CME CF Reference Rate-tracked holdings, with Coinbase Custody safeguarding assets.
Despite the milestone, LINK's price dipped—a reminder that institutional pathways don't always trigger immediate bullish momentum. Bitwise's history of pioneering crypto ETFs (BTC, ETH) lends credibility to this development, though the market appears to be weighing regulatory uncertainties against long-term potential.
Bitwise’s Chainlink ETF Listed on DTCC Under Ticker CLNK, Awaits SEC Approval
Bitwise’s proposed Chainlink ETF has appeared on the Depository Trust & Clearing Corporation (DTCC) eligibility list under the ticker CLNK. The listing, part of standard clearing and settlement preparations, signals readiness for trading but does not confirm SEC approval. Institutional interest in blockchain-linked investment products continues to grow, with Bitwise positioning itself at the forefront of this trend.
The ETF’s approval could significantly expand institutional access to the Chainlink network, potentially boosting liquidity and demand for the LINK token. Despite a recent 5% dip in LINK’s price to $15.45, trading volume surged post-announcement, indicating heightened market participation. Coinbase Custody Trust Company is slated to serve as the fund’s custodian, with in-kind creation and redemption options for investors.
JPMorgan Expands Digital Asset Footprint with Deposit Token on Base Blockchain
JPMorgan Chase is making strategic moves to capture a larger share of the digital-asset market through its newly launched deposit token. Operating on Coinbase-linked Base blockchain, these tokens represent dollar deposits held at the bank, offering a regulated alternative to traditional stablecoins. The institution has already conducted successful trials with JPM Coin involving major players like Mastercard and Coinbase.
The deposit token structure differentiates JPMorgan's offering from conventional stablecoins. Rather than being backed by separate reserves, each token constitutes a direct claim on actual JPMorgan bank deposits. This approach provides stronger regulatory compliance while maintaining the speed advantages of blockchain transactions—settling in seconds at any time, unlike traditional bank transfers limited by business hours.
JPMorgan's roadmap includes expanding the program internationally, with euro-denominated JPME tokens already in development. The bank aims to create a seamless global payment network that maintains banking compliance while leveraging blockchain efficiency. This initiative forms part of JPMorgan's broader Kinexys Digital Payments platform, positioning the institution at the forefront of institutional blockchain adoption.
Coinbase Business Launches in Singapore, Expanding USDC and Crypto Tools for Startups
Coinbase has officially launched its Coinbase Business platform in Singapore, marking its first international expansion of the crypto operating suite. The MOVE targets startups and small-to-medium businesses (SMBs) with instant USDC payments, global transfers, and integrated crypto management tools.
Singapore, a leading fintech hub in Asia, was selected for its crypto-forward regulatory environment. The rollout follows Coinbase's collaboration with Singapore’s Monetary Authority (MAS) under the BLOOM Initiative, which focuses on compliant cross-border digital payments.
The platform offers a 1% transaction fee for cross-border payments—significantly lower than traditional credit card processors—alongside API-driven payroll automation and vendor management solutions.
