Mastercard has completed its acquisition of stablecoin infrastructure company BVNK, extending its push into crypto-related financial services.
The payments company said on Monday that the deal is meant to strengthen connectivity between crypto assets and traditional payment networks, while supporting broader use cases for stablecoins and tokenized assets.
BVNK technology to be folded into Mastercard’s payments strategy
In its statement, Mastercard said it plans to combine BVNK’s technology and expertise with its own network to help financial institutions, fintech companies, and enterprises expand stablecoin and tokenized-asset use cases. The areas it listed include business-to-business payments, payouts, transaction settlement, and corporate treasury management.
Mastercard did not disclose the final value of the transaction. In March, however, the company said the acquisition agreement could be worth up to $1.8 billion.
Mastercard points to interoperability across forms of money
Jorn Lambert, Mastercard’s chief product officer, said: “In a multi-currency era where fiat, stablecoins, tokenized deposits and other forms of value coexist, the success of next-generation payment systems will depend on whether different payment networks and forms of money can interoperate smoothly and create synergies.”
BVNK says current operations and client service will continue
Founded in 2021, BVNK provides enterprise payment infrastructure and helps businesses send and receive funds across major blockchains.
In a post on its official blog, BVNK said the acquisition will not affect its existing business or client service. It added that the deal should accelerate access to Mastercard resources, including broader payment coverage, card payment capabilities, and new solutions for moving money globally.
Deal follows a series of recent crypto payment moves
Mastercard has stepped up its crypto payment efforts in recent months. In June, the company said it was extending settlement capabilities across its global payments network to fiat currencies and regulated stablecoins, supporting credit card settlement using stablecoins including USDC, PYUSD, and RLUSD.
In March, Mastercard also launched a crypto partner program. It said more than 85 crypto companies have already joined to build enterprise applications spanning cross-border remittances, payment settlement, and payouts.