Africa-Press – Kenya. US payments giant Mastercard said Tuesday it will acquire London-based stablecoin infrastructure firm BVNK for up to $1.8 billion, in its biggest move yet to expand into digital currency payments.
The deal includes up to $300 million in contingent payments tied to BVNK meeting performance targets and is expected to close later this year, Mastercard said in a statement.
The acquisition will give Mastercard greater ability to link traditional payment rails with blockchain-based systems, allowing the company to expand into payments involving stablecoins and tokenized deposits as adoption of digital assets accelerates.
“We expect that most financial institutions and fintechs will in time provide digital currency services,” Mastercard Chief Product Officer Jorn Lambert said in a statement.
Founded in 2021, BVNK said last year its valuation surpassed $750 million. The company’s platform supports transactions across major blockchain networks in more than 130 countries.
“For all of the advancements made in simplifying the digital currency opportunity, we have only scratched the surface of what’s possible,” BVNK co-founder and CEO Jesse Hemson-Struthers.
“This deal brings together complementary capabilities to define and deliver the future of money. Together, we’re able to deliver an unprecedented infrastructure for digital currency-based financial services,” he added.
