Visa Invests in BVNK to Enhance Stablecoin Payment Infrastructure
Visa's venture capital arm has invested in BVNK, a startup focused on stablecoin-based payment infrastructure. This investment signifies traditional financial firms' interest in blockchain technology.
- BVNK co-founder Jesse Hemson-Struthers highlighted the synergy between Visa’s payment network expertise and BVNK’s stablecoin infrastructure.
- The investment amount remains undisclosed, but BVNK confirmed the deal has closed.
- BVNK enables businesses to transact with stablecoins pegged to fiat currencies, processing $12 billion in annualized volume.
- The company is expanding into the U.S. and has applied for licenses nationwide, gaining approval in several states.
- This move aligns with a broader trend where blockchain and stablecoins are reshaping payment systems, offering faster and cheaper alternatives for remittances and commerce.
- Other major companies like Stripe and PayPal are also exploring stablecoin solutions.
Rubail Birwadker from Visa noted that investing in new technologies allows Visa to stay ahead in commerce.
This investment follows BVNK's previous $50 million fundraising round backed by Haun Ventures and Tiger Global.