Visa Pours Funds into BVNK Fintech Company
Visa's stepping up its game in the realm of stablecoin technology, throwing its hat in the ring with a fresh investment in UK payments juggernaut, BVNK. This move indicates Visa's growing emphasis on integrating stablecoin systems for swift, automated business-to-business transactions.
BVNK, a powerhouse in the stablecoin sector, is already handling an impressive $12 billion in annualized stablecoin payment volume. Jesse Hemson-Struthers, BVNK's CEO, calls stablecoins a modern twist on old-fashioned banking networks, built specifically to automate stablecoin transactions at scale. This boosts business's ability to zip funds across the globe faster than ever before.
Visa, synonymous with revolutionizing payment systems, has shown a growing fascination with blockchain-based networks. The company's curiousity with stablecoins has led to partnering with Circle in the past, and testing settlements using USDC (USD Coin). With this latest move with BVNK, Visa is embracing a broader shift in payment infrastructure trends.
Rubail Birwadker, Visa's head of growth products and partnerships, expressed her delight, stating "Stablecoins are swiftly becoming a standard in global payment flows, and Visa's all aboard the technology bandwagon, teaming up with pioneers like BVNK."
BVNK's ravishing $50 million Series B funding round in December was backed by heavyweight investors like Coinbase Ventures. Now, they have their sights set on storming the US market, armed with their infrastructure to serve an extended range of clients and partners.
"Collaborating with Visa, the original disruptor of the payment industry, will help us storm the US and reshape digital operations for businesses," Hemson-Struthers concluded.
Stablecoins, a modern banking network alternative, have attracted Visa's interest, as seen in their recent investment in BVNK, a leading player in the stablecoin sector. With this strategic partnership, Visa is reinforcing its commitment to embracing technology, particularly in the realm of financial alterations.
