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Mastercard buys stablecoin infrastructure firm BVNK for $1.8 billion
The deal, completed earlier this week, came after competition from Coinbase and Visa, and BVNK chose Mastercard despite a reportedly higher Coinbase offer.
CoinDesk reports that Mastercard has closed its acquisition of stablecoin infrastructure firm BVNK for $1.8 billion. The purchase follows an extended, confidential bidding process and highlights intensifying competition among major payments and crypto firms for stablecoin-related infrastructure.
According to CoinDesk, the transaction drew interest from both Coinbase and Visa, with BVNK ultimately selecting Mastercard even though Coinbase was reportedly higher. The outlet said BVNK leaned toward Mastercard for what it described as better cultural fit and strategic alignment.
CoinDesk also notes that the acquisition reflects a broader push by payments players, including Stripe, Visa, Mastercard, and Coinbase, to secure positions in the stablecoin market, described as roughly $300 billion. Venture capital firm Concentric, an early BVNK investor, said its initial bet in 2019 valued the startup at $4 million.
Concentric’s founding partner, Kjartan Rist, recalled being introduced to BVNK in 2018 and described the founders as relentless serial entrepreneurs. Rist said the exit comes with mixed feelings, likening signing the acquisition papers to sending a son off to boarding school.