Mastercard completes acquisition of stablecoin infrastructure company BVNK
Mastercard aims to strengthen the link between digital assets and traditional payments by integrating BVNK's on-chain infrastructure into its global network.
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Mastercard has announced the completion of its acquisition of BVNK, a company that develops stablecoin-focused payment infrastructure. With this move, the company aims to increase interoperability between fiat currencies and digital currencies.
According to the company's statement, the acquisition is considered part of a strategy to strengthen the connection between digital assets and traditional payment systems. Mastercard plans to combine BVNK's on-chain infrastructure and stablecoin technology with its global payment network.
Mastercard Chief Product Officer Jorn Lambert stated that digital currencies are increasingly finding use cases in areas such as cross-border business-to-business payments, individual money transfers, bulk payments, settlement, and treasury operations.
“By combining Mastercard’s global network with BVNK’s on-chain infrastructure and stablecoin-focused technology, we can offer a more efficient, reliable, and seamless payment experience.”
BVNK provides infrastructure for storing, transferring, managing, and converting value between fiat currencies and on-chain payments. The company's technology supports transactions between digital and traditional currencies for individuals, businesses, and machines.
Mastercard reported that with BVNK's technology and industry expertise, financial institutions, fintech companies, and businesses will be able to deploy use cases based on stablecoins and tokenized assets on a larger scale. These use cases include cross-border business-to-business payments, bulk payments, settlement, and treasury operations.