Mastercard Moves into Digital Currency
The agreement includes up to $300 million in contingent payments tied to BVNK achieving specific performance goals and is anticipated to finalize later this year, Mastercard noted in a statement.
This acquisition will enhance Mastercard’s capacity to connect traditional payment systems with blockchain-based networks, enabling the company to grow into transactions involving stablecoins and tokenized deposits as the adoption of digital assets continues to increase.
“We expect that most financial institutions and fintechs will in time provide digital currency services,” Mastercard Chief Product Officer Jorn Lambert said in a statement.
Founded in 2021, BVNK revealed last year that its valuation exceeded $750 million. Its platform facilitates transactions across major blockchain networks in over 130 countries.
“For all of the advancements made in simplifying the digital currency opportunity, we have only scratched the surface of what’s possible,” BVNK co-founder and CEO Jesse Hemson-Struthers remarked.
“This deal brings together complementary capabilities to define and deliver the future of money. Together, we’re able to deliver an unprecedented infrastructure for digital currency-based financial services," he added.
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