Mastercard says it’s acquiring stablecoin startup BVNK in $1.8B crypto bet
A view of the Mastercard company logo at its booth during the Mobile World Congress in Barcelona on March 1, 2017.
Joan Cros Garcia – Corbis | Corbis News | Getty Images
MasterCard on tuesday in question agreed to buy BVNKIt acquired a London-based stablecoin infrastructure company for up to $1.8 billion. This is the payment network’s biggest bet yet on the mainstreaming of digital currencies.
Mastercard said the deal includes a $300 million payment that is contingent on BVNK meeting certain performance metrics and is expected to close this year. expression.
This acquisition makes Mastercard the second largest payment network in the world. Visathe ability to connect traditional payment channels to emerging blockchain-based systems. This will allow Mastercard to get involved in payment systems that include stablecoins and tokenized deposits, with adoption in the coming years.
“We expect most financial institutions and fintechs to offer digital money services over time,” Mastercard Chief Product Officer Jorn Lambert said in his company’s statement. he said.
BVNK, which was founded in 2021 and told CNBC last year that it was valued at over $750 million, says its platform currently supports transactions on all major blockchain networks in more than 130 countries.
Stablecoin startups have become a hot commodity since President Donald Trump’s re-election in late 2024 ushered in a new era of crypto-friendly regulation.
BVNK reportedly entertained takeover interest from coinbase Besides Mastercard, Mastercard also relating to It acquired a different crypto company, Zerohash, earlier this year.
