Crypto exchange Coinbase is in talks to purchase one of Turkey’s oldest cryptocurrency exchanges, BtcTurk, according to a Bloomberg report on Thursday.

The report has cited a paywalled article by MergerMarket, which said the deal could be worth around $3.2 billion (TL 47.1 billion) based on what five sources have said.

A term sheet has been signed and the company is doing its due diligence, the report said.

Coinbase and BtcTurk didn't immediately respond to requests for comment to Bloomberg.

Several crypto exchanges, including Binance, OKX and Bybit have all set up operations in Turkey which has seen a booming interest in digital tokens lately.

Founded by businessperson Kerem Tibuk in 2013, it was later taken over by Özgür Güneri, CEO of QNB Finansinvest in 2018. The platform has around 4.5 million professional users. It is Turkey's first Turkish lira-based cryptocurrency trading platform.