The venture arm of US multinational bank Citigroup (C) has made a strategic investment in stablecoin payments platform BVNK, the companies announced on Thursday.
Citi Ventures joins Visa (V) in backing BVNK, after the payments giant made its own strategic investment in the company in May this year.
The companies have not disclosed the size of the investment.
The growth of the stablecoin sector has been one of the prominent trends in the digital asset industry over the past year, helped in part by the introduction of formal regulatory regimes in major jurisdictions such as the US and Hong Kong.
This has provided a boost to investments from the biggest names in traditional finance (TradFi), such as Citi and Visa.
BVNK processes more than $20 billion in payments annually and counts Worldpay, Flywire and dLocal among its clients, according to Thursday’s announcement.
“Stablecoins are seeing increased interest in their use for settlement of on-chain transactions and cryptoassets,” said Citi Ventures director Arvind Purushotham.
