Overview
- People familiar with the discussions say due diligence is underway and the timeline to close remains flexible, with a potential completion by late 2025 or early 2026.
- Some reports indicate Coinbase secured exclusive negotiating rights after a competitive bidding process, though the transaction terms could still change.
- BVNK, founded in 2021 in London, has raised roughly $90 million and provides fiat‑to‑stablecoin conversion, automated compliance checks, and settlement via licensed banking partners for merchants.
- Coinbase Ventures is already an investor in BVNK alongside Visa, Citi Ventures, and Haun Ventures, reflecting existing ties between the companies.
- Stablecoins contributed about 20% of Coinbase’s third‑quarter revenue as the company integrates USDC into commerce platforms and pilots corporate settlements, with U.S. rules for stablecoins adopted earlier this year and further market‑structure legislation described by CEO Brian Armstrong as nearing agreement.