Mastercard closes up to $1.8 billion BVNK acquisition deal

According to Twitter, Mastercard has completed the acquisition of stablecoin payment company BVNK to incorporate its on-chain settlement and wallet infrastructure into the global network. The final purchase price of the deal was not disclosed. When the agreement was announced in March, the transaction was valued at up to $1.8 billion, including $300 million in contingent payments.

BVNK was founded in 2021 to provide businesses with the infrastructure to send, receive, store, and convert funds between traditional currencies and blockchain networks. Mastercard said that BVNK's existing customers will continue to use the same products, integrations, and support teams, and no action is required at this time.

Mastercard's Chief Product Officer Jorn Lambert said that digital currencies, and stablecoins in particular, are increasingly meeting real needs. The combined platform is expected to enable banks to connect customer accounts to digital wallets and provide 24/7 merchant settlement capabilities for payment service providers.