Coinbase·Mastercard, stablecoin company 'BVNK' acquisition competition

Acquisition amount up to 2.5 billion dollars

Battle for dominance in cryptocurrency payments intensifies

Cryptocurrency exchange Coinbase and global payments company Mastercard are reportedly in final negotiations to acquire London-based stablecoin payments infrastructure company 'BVNK'.

On the 9th (local time), Fortune reported that "the two companies are conducting separate negotiations to acquire BVNK" and that "the deal is being discussed at around 2.5 billion dollars (about 3.5 trillion won)." According to sources cited by Fortune, Coinbase is currently ahead of Mastercard in the acquisition talks.

If the acquisition is completed, the deal is expected to be the largest merger and acquisition in the history of the stablecoin industry. BVNK possesses technology that enables companies to send and receive funds using stablecoins pegged to fiat currencies such as the dollar. This allows faster settlement and lower fees compared with existing SWIFT or credit card networks.

Last year, payments company Stripe acquired stablecoin startup Bridge for 1.1 billion dollars. Fortune said, "Neither company has issued an official statement on the negotiations," adding, "If the deal goes through, stablecoins could fundamentally change the flow of funds between the traditional financial system and the cryptocurrency ecosystem."