As a seasoned analyst with over two decades of experience in the financial industry, I find the recent $50 million Series B funding round by stablecoin infrastructure company BVNK particularly intriguing. Having closely observed the evolution of digital currencies and their applications, I am convinced that stablecoins are poised to revolutionize global payments in a manner unseen since the advent of the internet.
The cryptocurrency infrastructure firm BVNK successfully completed a $50 million Series B investment round, spearheaded by Haun Ventures, and aims to broaden its operations within the U.S.
In the gathering, there were Coinbase Ventures, Scribble Ventures, DRW VC, and previous investors Avenir and Tiger Global participating. As per a statement made on December 17th, this newly acquired funding is intended for expanding BVNK’s business to San Francisco and New York City.
Located in London, the company known as BVNK is currently valued at approximately $750 million. Their US branches are planning to establish local banking frameworks and are working towards obtaining operational licenses to cater to regional businesses.
Previously, a new round was initiated following a pledge of $43.2 million from Tiger Global in 2022. At that point, the company’s estimated worth was approximately $327 million.
BVNK provides businesses the opportunity to handle their own stablecoin payments using branded infrastructure they offer. They’ve handled over $10 billion in annual payment transactions, experiencing a 2-fold yearly growth rate. Notably, BVNK collaborates with prominent global stablecoin providers such as PayPal, Circle, and First Digital.
Our fintech firm plans to challenge well-established infrastructure providers like Paxos, Circle, and Ripple, among others, in the market. We anticipate increased regulatory clarity in the U.S., specifically with regard to potential stablecoin laws, which will solidify the legitimacy of stablecoins within international financial services.
In essence, stablecoins mark a substantial improvement to worldwide payment systems, one not seen for many years. This is the type of inventiveness that shapes the financial landscape of tomorrow,” Diogo Mónica, Partner at Haun Ventures, expressed in his statement.
It’s projected that the worth of stablecoins will exceed one trillion dollars by the year 2035, and it’s expected that the United States will be the biggest player in this field. As per DefiLlama’s data, the total market value of all stablecoins combined is currently about $203 billion.
Over the last several months, an increasing number of businesses have entered the market for stablecoins. These new offerings are designed to cater to the requirements of international money transfers (cross-border remittances) and the liquidity demands in the realm of decentralized financial services.
On December 17, Ripple‘s stablecoin, known as RLUSD, was launched following the green light from the New York Department of Financial Services (NYDFS).
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2024-12-17 20:37