The venture capital arm of the world payment service provider (V) has made a strategic investment in BVNK, a payment infrastructure based on stables of start-up, in a decision that reflects financial financial companies inherited in the monetary movement powered by blockchain.
“Visa’s in-depth expertise in the creation of global payment networks, combined with our Stablecoin infrastructure, creates powerful possibilities to redefine the operation of companies in the digital economy today,” said the co-founder and chief executive officer of BVNK on Wednesday.
A spokesperson for BVNK confirmed in an email that the agreement concluded but refused to reveal the size of the investment.
BVNK builds software that allows companies to send and receive stablescoins – cryptographic tokens set for fiduciary currencies such as the US dollar – on global markets. The London-based company said that it already treated $ 12 billion in volume of a stablecoin annualized and recently expanded to the United States with offices in New York and San Francisco. He asked for licenses in all American states, obtaining approval in many.
The backdrop of this agreement is a broader change in finances. Blockchain rails and stablecoins have become more and more central to payments, offering a faster and cheaper alternative to traditional channels for uses such as funding, payroll and trade. Global companies run to jump on the trend: the stripe giant is testing a Stablecoin tool after its acquisition of $ 1.1 billion bridge dollars; Paypal presented his own stablecoin; And Visa has developed a platform to help banks emit stablecoins and token workers.
“Stablecoins are quickly part of the global payment flows, and Visa is investing in new technologies and manufacturers like BVNK, remaining at the forefront of what is the next trade to better serve our customers and partners,” said Rubail Birwadker, Manager of Growth Products and Partnerships at Visa.
The investment follows the Fund for funds of $ 50 million BVNK last year with donors including Haun Ventures and Tiger Global.
Read more: Stablecoins could bring a moment of “Chatppt” to the adoption of blockchain, reach 3.7 t $ by 2030: Citi
