Coinbase, Mastercard in talks to buy BVNK for $2.5 billion
Coinbase and Mastercard are in advanced, separate talks to acquire BVNK, a London-based provider of stablecoin infrastructure. Source Fortune says the potential sale would value BVNK between $1.5 billion and $2.5 billion. No agreement has been reached and the talks could end without a deal.
Company representatives declined to comment on the matter. A Coinbase spokesperson said the company does not comment on rumors or speculation.
If the deal closes within the stated price range, it would be the largest acquisition of a stablecoin infrastructure provider to date, surpassing the previous major deal in which payments company Stripe acquired startup Bridge for $1.1 billion.
Industry analysts note the acquisition would broaden acquirers’ access to stablecoin issuance and distribution tools. Ryan Yoon, a senior analyst at Tiger Research, suggested an acquisition could expand Coinbase’s enterprise capabilities and could let a payments network offer white-label crypto services without taking custody of assets.
Industry analysts note the acquisition would broaden acquirers’ access to stablecoin issuance and distribution tools. Ryan Yoon, a senior analyst at Tiger Research, suggested an acquisition could expand Coinbase’s enterprise capabilities and could let a payments network offer white-label crypto services without taking custody of assets.
On a call with analysts, Mastercard’s chief commercial payments officer Raj Seshadri observed:
"I think most flows will begin and end in fiat, and stablecoins will just be one more currency for some specific use cases where it might have an application."
Regulatory and market developments have increased attention on stablecoins. A major issuer made a public market debut this year, and recent U.S. legislation established a federal framework for stablecoin issuers. Supporters say fiat tokens enable near-instant settlement and lower fees compared with traditional bank wires.
BVNK was founded in 2021 and builds infrastructure to let businesses use dollar-pegged tokens for customer payments, cross-border transfers and corporate treasury operations.
The firm raised $50 million in December at about a $750 million valuation, with Haun Ventures leading the round and participation from Coinbase Ventures and Tiger Global. Earlier, major U.S. bank Citi invested in BVNK.
BVNK was founded in 2021 and builds infrastructure to let businesses use dollar-pegged tokens for customer payments, cross-border transfers and corporate treasury operations.
The firm raised $50 million in December at about a $750 million valuation, with Haun Ventures leading the round and participation from Coinbase Ventures and Tiger Global. Earlier, major U.S. bank Citi invested in BVNK.
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