Mastercard has finalized its acquisition of BVNK, a stablecoin payments company, integrating its on-chain settlement and wallet infrastructure into the card giant's global network. The final purchase price was not disclosed, but when the deal was announced in March, the transaction was valued at up to $1.8 billion, including $300 million in contingent payments. Founded in 2021, BVNK provides businesses with infrastructure to send, receive, store, and convert funds between traditional currencies and blockchain networks. Mastercard said existing BVNK customers will continue using the same products, integrations, and support teams, with no action required. Mastercard's chief product officer, Jorn Lambert, said digital currencies, particularly stablecoins, are increasingly meeting real-world needs. The combined platform is expected to support banks connecting customer accounts to digital wallets and provide payment service providers with round-the-clock merchant settlement capabilities.
Mastercard has completed its acquisition of BVNK, a stablecoin payments company, bringing its on-chain settlement and wallet infrastructure into the global network. The final purchase price was not disclosed; when the deal was announced in March, the transaction was valued at up to $1.8 billion, including $300 million in contingent payments.
Founded in 2021, BVNK provides infrastructure for businesses to send, receive, store and convert funds between traditional currencies and blockchain networks. Mastercard said BVNK's existing customers will continue to use the same products, integrations and support teams, and no action is required at this time.
Jorn Lambert, Mastercard's chief product officer, said digital currencies, particularly stablecoins, are increasingly meeting real-world needs. The combined platform is expected to support banks connecting customer accounts to digital wallets and provide payment service providers with round-the-clock merchant settlement capabilities.
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