Visa (V) doubles on stablecoins with strategic investment in blockchain payment firm BVNK
The Global Payment Service Provider Visa’s (V) Venture Capital Arm has made a strategic investment in BVNK, a startup -based startup startup, in a motion that reflects the pushing of the financial financial financial financial financial blockchain companies.
“Deep visa expertise in the development of global payment networks, combined with our Stablecoin infrastructure, creates powerful possibilities for re-defining how businesses run in digital economy today,” BVNK co-founder and CEO Jesse Hemson-Strukers wrote in A A Blog post On Wednesday.
A BVNK spokesman confirmed in an email that the deal closed but refused to disclose the size of the investment.
BVNK generates software that allows businesses to send and receive Stablecoins – Crypto tokens are on fiat currencies like the US dollars – throughout the global market. London -based company said it was processing $ 12 billion in the annual Stablecoin volume, and recently expanded to the US with offices in New York and San Francisco. There it is applied For licenses in all US states, the secure of approved to many.
The backdrop in this deal is a greater financial transition. Blockchain metals and stablecoins have become a center of payments, offering faster, cheaper alternatives to traditional channels for equipment such as remittances, payroll and commerce. Global companies are racing to jump on the trend: Payments giant stripes are Test a stablecoin tool following $ 1.1 billion bridge extraction; Paypal introduced its own stablecoin; and visa developed A platform to help banks issue stablecoins and tokenized assets.
“Stablecoins quickly becomes a part of the global payment flow, and the visa invests in new technologies and builders like BVNK, which remains ahead of what’s next commercial to better serve our clients and partners,” said Rubail Birwadker, head of growth products and partnerships.
The investment follows BVNK’s $ 50 million fundraising round last year with supporters including Haun Ventures and Tiger Global.
Read more: Stablecoins can bring ‘chatgpt’ moment to Blockchain adoption, press $ 3.7T by 2030: Citi
