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AVAX
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0.89%
LINK
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TON
$5.49
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SHIB
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DOT
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Ad
Ana Paula Pereira
Dec 17, 2024


BVNK RAISES $50M TO EXPAND INTO US STABLECOIN MARKET

The capital will be used to expand BVNK’s operations to San Francisco and New
York City in 2025.

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Stablecoin infrastructure company BVNK closed a $50 million Series B funding
round led by Haun Ventures, with plans to expand into the United States.

Participants in the round included Coinbase Ventures, Scribble Ventures, DRW VC,
and existing investors Avenir and Tiger Global. According to a Dec. 17
announcement, the fresh capital will be used to expand BVNK’s operations to San
Francisco and New York City. 

Based in London, BVNK is now estimated to be worth about $750 million. Its US
offices will develop a local banking infrastructure and work on operational
licenses to serve local companies. 

The round follows a previous $43.2 million funding commitment led by Tiger
Global in 2022. At the time, the company had a valuation of roughly $327
million. 

BVNK offers white-label infrastructure to businesses seeking to manage
stablecoins payments in-house. It claims to have processed over $10 billion in
yearly payment volumes, recording a 200% year-on-year growth. The company is
said to be a partner of global stablecoins providers PayPal, Circle, and First
Digital.


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Behind the scenes are South African entrepreneurs Jesse Hemson-Struthers, Donald
Jackson and Chris Harmse — all former financial services professionals.

Related: Tether backs European stablecoin firm StablR amid USDT uncertainty

The fintech will compete with established infrastructure providers such as
Paxos, Circle and Ripple, to name a few. The company foresees regulatory clarity
in the US, such as the potential stablecoin legislation, further validating
stablecoins within global financial services.

“Stablecoins represent the most significant infrastructure upgrade to global
payments in decades. [...] This is the kind of innovation that defines the
future of finance,” Haun Ventures general partner Diogo Mónica said in a
statement. 

The stablecoin industry is expected to surpass the trillion-dollar mark by 2035,
with the US constituting its largest market. According to data from DefiLlama,
the sector’s combined market capitalization currently stands at $203 billion.

Stablecoins total market capitalization. Source: DefiLlama

The past few months have brought more companies into the stablecoin market, with
products targeting cross-border remittances and liquidity needs for
decentralized finance applications.

Ripple’s stablecoin, RLUSD, debuted on Dec. 17 after receiving approval from the
New York Department of Financial Services (NYDFS). 

Related: FSOC warns stablecoins remain a ‘potential risk’ to financial stability

Explore more articles like this

Subscribe to our Crypto Biz newsletter

Weekly snapshot of key business trends in blockchain and crypto, from startup
buzz to regulatory shifts. Gain valuable insights to navigate the market and
spot financial opportunities. Delivered every Thursday


Subscribe

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 * #London
 * #Business
 * #Funding
 * #United States
 * #Stablecoin


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