Visa Ventures has strategically invested in BVNK, a stablecoin infrastructure platform. While the specific terms of the investment remain undisclosed, it follows months after BVNK successfully raised $50 million in a Series B funding round.
According to Visa’s analysis, stablecoin adoption is surging, with a projected $27 trillion in total transaction volume globally across 1.25 billion transactions in 2024. As a licensed electronic money institution in the UK and Europe, BVNK offers named IBANs for both EUR and GBP, enabling merchants to engage seamlessly with UK and European payment schemes, including Sepa, Sepa Instant, and Faster Payments.
The company annually processes over $12 billion for clients like Ferrari and Rapyd, facilitating the sending, receiving, converting, and storing of stablecoins and fiat currencies. This year, BVNK is expanding into the US, opening offices in San Francisco and New York, led by former BlockFi executive Amit Cheela and ex-Cross River executive Keith Vander Leest.
Rubail Birwadker, Visa’s head of growth products and partnerships, stated, “Stablecoins are fast becoming a part of global payment flows. Visa invests in innovative technologies and builders like BVNK to stay at the forefront of commerce and better serve our clients and partners.”