According to CoinDesk, global payment service provider Visa’s venture capital arm has made a strategic investment in stablecoin payment technology development company BVNK, reflecting how traditional financial firms are accelerating their engagement in blockchain-driven currency transfer technology.
BVNK co-founder and CEO Jesse Hemson-Struthers wrote in an article on Wednesday:
BVNK’s software enables businesses to send and receive stablecoins across global markets. The London-based company stated that they currently handle stablecoin transactions amounting to $12 billion annually, and they have recently expanded into the U.S. market, applying for licenses in various states and receiving approvals from multiple jurisdictions.
In December last year, BVNK completed a $50 million Series B funding round led by Haun Ventures, with other investors including Coinbase Ventures, Scribble Ventures, DRW Venture Capital, Avenir, and Tiger Global.
The backdrop of this transaction is a broad transformation occurring across the financial industry, where blockchain infrastructure and stablecoins are gradually becoming central to payments, offering faster and lower-cost alternatives compared to traditional channels, with widespread applications in scenarios such as international remittances, payroll, and commerce.
Other companies are also actively entering this trend: fintech company Stripe acquired stablecoin platform Bridge for $1.1 billion last year and is currently testing a new stablecoin product; American payment company PayPal continues to advance the adoption of its own stablecoin PYUSD; Mastercard has also recently announced a series of global end-to-end functionalities focused on stablecoins.
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