The venture arm for the US Multinational Bank Citigroup (C) made a strategic investment in stableecoin payments platform BVNK, the companies announced on Thursday.
Citi Ventures joins Visa (V) in supporting BVNK after the payment giant made his own strategic investments in the company in May this year.
The companies have not revealed the size of the investment.
Growth in the stableecoin sector, which has been one of the prominent trends in the digital asset industry in the last year, partly helped by the introduction of formal regulatory regimes in major jurisdictions such as the United States and Hong Kong.
This has provided a wind of investments from the biggest names in the traditional economic (tradfi) world as Citi and Visa.
BVNK processes over $ 20 billion in payments annually and counts WorldPay, Flywire and DLOCAL among its clients, according to Thursday’s announcement.
“Stableecoins see increased interest in using on-chain and crypto-active transactions,” Citi Ventures Head Arvind Purushotham said.
