Mastercard has completed its previously announced acquisition of BVNK, a stablecoin payments infrastructure provider.
The payments group said the deal strengthens its ability to “connect digital assets and traditional payment rails”.
Mastercard chief product officer Jorn Lambert said: “Digital currencies — particularly stablecoins — are increasingly addressing real-world needs in areas like cross-border B2B payments, remittances, payouts, settlement and treasury flows.
“In a multi-money world where fiat, stablecoins and tokenised deposits and other forms of value coexist, the next payments paradigm will be defined by how effectively each rail, network or form of money connects and works together.
“By combining Mastercard’s global network with BVNK’s on-chain infrastructure and stablecoin-native technology, we can deliver a more efficient, trusted and seamless payment experience.”
The transaction was first announced in March, when Mastercard signed a definitive agreement to acquire BVNK for up to $1.8bn. The consideration includes $300m in contingent payments.
BVNK provides infrastructure designed to support both fiat and on-chain payments. The platform enables customers to hold, move, manage and convert value across fiat and digital currencies.
The company also supports customers sending and receiving payments across major blockchain networks in more than 130 countries.
Mastercard said the integration of BVNK’s technology with its network will help financial institutions, fintechs and enterprises pursue stablecoin and tokenised asset use cases.
Recently, Mastercard partnered with The National Bank of Egypt (NBE) to introduce a USD Corporate Debit Card. The product is intended to support cross-border payments for Egyptian businesses.
“Mastercard completes BVNK acquisition to boost stablecoin infrastructure” was originally created and published by Electronic Payments International, a GlobalData owned brand.
