Stablecoin Payments Platform BVNK Looks to Raise $50M

Blockchain-based and stablecoin-focused payments platform BVNK aims for a new funding round. According to Bloomberg, the startup, which is backed by Tiger Global Management, is in talks with potential buyers to raise at least $50M.

People familiar with the subject told Bloomberg that the size of the raise and the company’s valuation are subject to change. They added that there’s strong interest in stablecoin payment startups as a whole.

Previously, in October, Stripe acquired the stablecoin platform Bridge for $1.1 billion in the largest crypto deal to date.

 
According to Crunchbase, BVNK was founded in 2021 in London. It allows users to make stablecoin payments worldwide. BVNK processes around $8 billion in payments annually. In May 2022, the startup raised $40 million in a funding round.

Related: October Fundraising: Analyzing VC Activity

Stablecoins play a big role in the crypto ecosystem. Mimicking the prices of different assets, they provide minimum volatility, which is beneficial from a payments perspective. Operating on blockchain, stablecoins provide fast transactions and low fees.

Currently, the total market cap of stablecoins is above $189 billion. The leading stablecoin is Tether (USDT), with over $127 billion in market cap and $177 billion in daily trading volume.