Visa Ventures, Visa’s global investment arm, is investing in BVNK, the Stablecoin Payment Infrastructure Provider.
The move comes after Bvnk secured $50 million in the Series B round led by Haun Ventures in December last year, joining from Coinbase Ventures, Tiger Global and others. The funding was intended to support BVNK’s US expansion, including new offices in San Francisco and New York.
“We’re committed to providing a range of services to our customers,” Rubail Birwadker, head of growth products and partnerships at Visa, said in a statement: Financial conditions for the New Deal have not been revealed.
Birwadker said the move reflects Visa’s belief that Stablecoins is becoming part of the global payments mainstream. This also marks the company’s first strategic investment in the Stablecoin infrastructure.
“Stablecoins are rapidly becoming part of the global payment flow, and Visa will invest in new technologies and architects like BVNK and remain at the forefront of what’s next in commercial that is suitable for clients and partners,” he said.
Founded in London and now expanding to the US, Bvnk has established itself as a backend for companies seeking to move money in chains. Earlier this year, he opened offices in San Francisco and New York, and hired former Brocke executive Amitchira and Cross River Keith Vanderleast to lead the American business.
“We’re looking forward to seeing you in the future,” said Jesse Hemson Struthers, co-founder and CEO of BVNK.
“At BVNK, we can build infrastructure to make these new rails accessible to businesses and operate at the speed of today’s economy. We are excited to welcome Visa, the original payment innovator.
Visa has expanded its Stablecoin strategy significantly to move from its pilot program to a massive integration of Stablecoin Payments across its global network.
Earlier this month, Global Payments Giant announced a partnership with Bridge, a Stablecoin infrastructure startup, to enable Stablecoin-related visa cards in multiple countries through a single API integration.
Visa is working with other partners such as BaAnx and Rain to broaden its use cases for Stablecoin. The company is reportedly planning Join the Global Dollar Network, a USDG-focused Stablecoin consortium.
