Credit card giant Visa is investing in the stablecoin payments network BVNK as a means of upgrading its business-to-business transactions.
In a new company blog post, BVNK chief executive and co-founder Jesse Hemson-Struthers says that Visa is investing an undisclosed amount into the firm as a means of automating and streamlining global stablecoin payments between businesses.
“At BVNK, we recognized early that stablecoins would emerge as an instant global payment rail and a viable alternative to the traditional correspondent banking system.
That’s why we’ve built our infrastructure from the ground up to automate and orchestrate stablecoin payments at scale, making these new rails accessible to businesses of all sizes.”
According to Hemson-Struthers, collaborating with Visa, which he calls the “original payments innovator,” will change how businesses operate digitally and will help the UK-based firm to expand into the US.
“What makes me proudest is seeing the real-world impact of our technology.
We’re currently processing $12 billion in annualized stablecoin payment volumes, enabling our customers to move money globally with unprecedented speed and efficiency. The momentum continues with our expansion into the US market this year.”
As stated by Rubail Birwadker, head of growth products and partnerships at Visa,
“Stablecoins are fast becoming a part of global payment flows, and Visa invests in new technologies and builders like BVNK, staying at the forefront of what’s next in commerce to better serve our clients and partners.”
In December, BVNK completed a $50 million Series B fundraising round, obtaining funds from prominent venture capitalist firms such as Coinbase Ventures.
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