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10h ago

Citi Backs Stablecoin Rail BVNK as Reported Bids From Coinbase and Mastercard Emerge

Regulatory clarity from the GENIUS Act is drawing major finance toward on-chain payments.

Citibank (TungCheung/Shutterstock)
Photo: BVNK
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Overview

  • Citi Ventures made an undisclosed strategic investment in BVNK, and the startup’s valuation now exceeds the prior $750 million mark.
  • BVNK operates an enterprise payments rail that converts between fiat and stablecoins and processes more than $20 billion annually for clients including Worldpay, Flywire, and dLocal.
  • The company is expanding its U.S. footprint with new offices in San Francisco and New York, citing the U.S. as its fastest-growing market following passage of the GENIUS Act.
  • Co-founder Chris Harmse said BVNK has dipped in and out of profitability but expects to be profitable next year as volumes grow.
  • Fortune reported advanced, unfinalized talks for a BVNK sale to Coinbase or Mastercard in a range of roughly $1.5 billion to $2.5 billion, with Coinbase described as the frontrunner.