Payment giant Mastercard acquires UK-based stablecoin infrastructure company! Here are the details

Payment giant Mastercard announced it has acquired BVNK, a UK-based fintech startup developing stablecoin infrastructure, for $1.8 billion. The acquisition is considered one of the biggest moves by traditional financial companies into the digital asset and stablecoin space.

BVNK offers stablecoin payment services in over 130 countries worldwide and holds payment licenses in numerous countries. The company specializes in cross-border payments, stablecoin transfers, and enterprise digital payment solutions. Mastercard’s acquisition reportedly aims to integrate stablecoin technology into its global payment infrastructure.

According to the announcement, Mastercard will integrate BVNK’s technology into its international money transfer network, “Mastercard Move.” This aims to enable faster, lower-cost, and seamless stablecoin-based transactions. The company emphasized that blockchain-based payment solutions offer significant advantages, particularly in cross-border money transfers.

Experts say this acquisition could contribute to the wider adoption of stablecoins in the traditional financial world. The acceleration of stablecoin regulation efforts, particularly in the US and Europe, has increased the interest of major payment companies in the sector.

On the other hand, it has been reported that Mastercard has halted its strategic investment plan in the cryptocurrency company Zerohash, which it had previously considered. The company is said to have instead opted to directly acquire the stablecoin infrastructure.

Coming at a time of increasing competition in the financial sector for blockchain-based payment systems, this acquisition marks a new era in Mastercard’s digital asset strategy.

*This is not investment advice.