Mastercard is set to acquire stablecoin infrastructure firm BVNK for up to $1.8 billion, the payments giant said in a press release on Tuesday.
The acquisition will allow the company that processes around $9.5 trillion in annual payments volume to offer end-to-end support for digital assets, Mastercard said. The firm noted that the deal with BVNK involves $300 million in contingent payments.
Representing one of the largest acquisitions involving a crypto-native firm this year, BVNK operates a financial platform allowing people to transact in stablecoins. The company also specializes in converting between digital assets and various forms of cash.
BNVK enables businesses to transact with each other in 130 countries. That’s far less than the 210 countries that Mastercard’s payment processing network operates in, but the acquisition shows that incumbents are increasingly eyeing stablecoins as new settlement tools.
BVNK was valued at $750 million when it unveiled $50 million in Series B funding in 2024. Last year, Coinbase reportedly abandoned a deal to acquire BVNK for $2 billion. Around that time, the exchange was in competition with Mastercard to acquire the UK-based firm.
Editor’s note: This story is breaking and will be updated with additional details.
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Source: https://decrypt.co/361371/mastercard-acquire-stablecoin-tech-firm-bvnk-1-8-billion
