"Almost one year after the fintech giant Stripe struck a $1.1 billion deal to acquire the stablecoin startup Bridge, two other big corporate players want to scoop up a stablecoin firm of their own. The U.S. crypto exchange Coinbase and the payments giant Mastercard have each held advanced acquisition talks to buy London-based BVNK, according to six sources familiar with the dealings, who asked for anonymity to talk about confidential business discussions."
"If any deal is reached, it would be the largest stablecoin acquisition yet, and another signal that stablecoins, or cryptocurrencies pegged to underlying assets like the U.S. dollar, have reached the financial mainstream. And, if BVNK decides to sell itself to Mastercard, it's the clearest sign yet that the incumbent payments network-whose shares fell in June on news that Amazon and Walmart were pursuing stablecoins-is taking the rise of the technology seriously."
"Founded in 2021 by Chris Harmse, Jesse Hemson-Struthers, and Donald Jackson, BVNK helps companies use stablecoins for customer transactions, cross-border payments, global treasuries, and a slew of other use cases. BVNK raised $50 million in December in a round that valued the startup at around $750 million. Haun Ventures led the fundraise, with participation from Coinbase Ventures and existing investor Tiger Global. Other more recent investors include <a href="https://bvnk.com/blog/visa-invests-in-bvnk">Visa</a> and Citi 's venture arms."
Coinbase and Mastercard held advanced acquisition talks to buy London-based stablecoin firm BVNK, with sale price reported between $1.5 billion and $2.5 billion. Coinbase appears to have the inside track over Mastercard, though terms and a winning bidder remain unfinalized. If completed, the deal would be the largest stablecoin acquisition to date and would signal mainstream financial adoption of stablecoins pegged to assets like the U.S. dollar. BVNK, founded in 2021, provides stablecoin services for transactions, cross-border payments, and corporate treasuries. BVNK raised $50 million in December at about $750 million valuation, with investors including Haun Ventures, Coinbase Ventures, Tiger Global, Visa, and Citi's venture arms.
Read at Fortune Crypto
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