Mastercard moves to acquire stablecoin infrastructure firm BVNK…deal valued at up to $1.8 billion
Summary
- Mastercard was reported to be moving to acquire stablecoin infrastructure startup BVNK as it seeks to expand the digital-asset payments market.
- The deal is valued at up to $1.8 billion, and includes about $300 million in contingent payments.
- BVNK was said to have pivoted to a deal with Mastercard after last year’s $2 billion acquisition talks with Coinbase fell through.
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Global payments company Mastercard is moving to acquire stablecoin infrastructure startup BVNK, stepping up its push to expand in the digital-asset payments market. The move is seen as part of a strategy by legacy payment networks to strengthen links with the crypto sector.
According to Bloomberg on the 17th, Mastercard said it agreed to acquire BVNK for up to $1.8 billion. The purchase price includes roughly $300 million in contingent payments.
BVNK provides stablecoin payment and settlement infrastructure and has served as a bridge between traditional finance and blockchain-based payment systems. The acquisition is viewed as Mastercard’s effort to broaden its footprint in digital-asset-based payments.
Earlier this month, Mastercard unveiled a global partnership network working with more than 85 digital-asset companies, outlining a strategy to tighten the connection between traditional payments and crypto payments.
Meanwhile, BVNK held acquisition talks with Coinbase last year valued at around $2 billion, but after negotiations stalled in November, it pivoted toward a deal with Mastercard.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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