coinbase and Mastercard Eyeing BVNK for Up to $2.5 Billion
Two financial giants, Coinbase and Mastercard, are in talks to buy BVNK, a London-based stablecoin startup. The deal could be worth between $1.5 billion and $2.5 billion. if accomplished, it would be the biggest acquisition in the stablecoin industry, topping Stripe’s $1.1 billion Bridge purchase.
Both companies are competing for BVNK, which helps businesses transfer money internationally using stablecoins. Coinbase seems to have the upper hand, but negotiations are ongoing. This move could reshape the stablecoin landscape.
For Mastercard, acquiring BVNK could boost investor confidence. The company’s stock fell after the Senate passed the Genius act. Meanwhile, Coinbase could use BVNK’s technology to expand into enterprise payments and treasury management.
BVNK has already attracted major investors. Citi Ventures and Visa Ventures recently backed the startup. In December, it raised $50 million in a Series B round led by Haun Ventures. coinbase Ventures and Tiger Global also participated.
This acquisition would allow coinbase to offer more crypto financial services. It’s a strategic move for both parties in the growing stablecoin market.
