Visa Bets on Stablecoin Demand With Investment in BVNK
Summary
Visa has invested in stablecoin infrastructure company BVNK through its Visa Ventures arm, following BVNK's $50 million Series B funding round. BVNK aims to create a real-time, 24/7 payments network for businesses utilizing blockchain technology. This investment aligns with Visa's recent partnership with Bridge, a Stripe unit, to launch a stablecoin service in Latin America. Stablecoins, digital tokens pegged to stable assets like the dollar, are increasingly used for transactions and in countries with unstable currencies. Visa's Head of Growth Products emphasized the importance of stablecoins in global payment flows. Visa has previously explored various crypto initiatives, while Mastercard is also advancing its stablecoin strategies.
