Global Payments Service Provider Visa’s (V) Venture Capital Arm made a strategic investment in BVNK, a start-up building stigocin-based payment infrastructure, in a step that reflects older financial companies’ push in blockchain-driven money movement.
“Visa’s deep expertise in the construction of global payment networks combined with our stablecoin infrastructure creates powerful opportunities to redefine how companies work in today’s digital economy,” wrote BVNK co-founder and CEO Jesse Hemson-Strerhers in a blog post on Wednesday.
A spokesman for BVNK confirmed in an E email that the agreement is closed but refused to reveal the size of the investment.
BVNK builds software that allows companies to send and receive stableecoins – Krypto -Tokens tied to Fiat currency such as the US dollar – across global markets. The London-based company said it is already treating $ 12 billion in annual stablecoin binders and recently expanded to the United States with offices in New York and San Francisco. It has applied for licenses in all US states and secured approval in several.
The reason for this agreement is a wider shift in financing. Blockchain rails and stableecoins have become more and more central to payments and offers faster, cheaper alternative to traditional channels for use as transfers, payroll and trading. Global companies are struggling to jump on the trend: Payments Giant Stripe tests a stableecoin tool after its $ 1.1 billion takeover of bridge; PayPal introduced his own stableecoin; And Visa has developed a platform to help banks issue stablecoins and tokenized assets.
“Stableecoins are quickly becoming part of the global payment flows, and Visa is investing in new technologies and builders such as BVNK, who are at the forefront of what is next in trade to better serve our customers and partners,” said Rubail Birwadker, head of growth products and partnerships at VISA.
The investment follows BVNK’s collection round of $ 50 million last year with backers, including Haun Ventures and Tiger Global.
Read more: StableCeCons could bring ‘Chatgpt’ Moment to Blockchain Reconciliation, hit $ 3.7T in 2030: Citi
