Global Payments Services Provider Visa (V) Venture Capital ARM made a strategic investment in BVNK, a startup building a Stablecoin -based payment infrastructure, in a movement that reflects the impulse of financial companies inherited in the Blockchain monetary movement.
“The deep visa experience in the construction of global payment networks, combined with our Stablecoin infrastructure, creates powerful possibilities to redefine how companies operate in the current digital economy,” wrote the co-founder and CEO of BVNK on Wednesday, Jesse Hemson-Struthers on Wednesday.
A BVNK spokesman confirmed in an email that the agreement has closed, but refused to reveal the size of the investment.
BVNK creates software that allows companies to send and receive stablcoins (cryptographic tokens linked to fiduciary currencies such as the US dollar) in global markets. The London -based company said it is already processing $ 12 billion in annualized Stablecoin volume, and has recently expanded to the United States with offices in New York and San Francisco. He has requested licenses in all US states, ensuring approval in several.
The backdrop of this agreement is a broader change in finance. Blockchain Rails and Stablecoins have become increasingly central to payments, offering a faster and more cheap alternative to traditional channels for uses such as remittances, payroll and trade. Global companies are running to jump to the trend: the giant strip of payments is testing a Stablecoin tool after its $ 1.1 billion bridge acquisition; PayPal introduced his own stablecoin; And Visa has developed a platform to help banks to broadcast stables and tokenized assets.
“Stablecoins is quickly becoming part of the global payment flows, and Visa invests in new technologies and builders such as BVNK, which remains at the forefront of what is still in trade to better serve our customers and partners,” said Rubail Birwadker, head of growth products and associations in visa.
The investment follows the fund collection round of $ 50 million BVNK last year with sponsors, including Haun Ventures and Tiger Global.
Read more: Stablecoins could bring the ‘chatgpt’ moment to the adoption of Blockchain, reach $ 3.7t for 2030: Citi
