London-based stablecoin payments infrastructure firm BVNK is making a bold entrance into the U.S. market following a successful $50 million Series B funding round. This milestone marks a significant step in BVNK’s mission to revolutionize global payments through the adoption of stablecoin technology.
The Series B round, announced on December 17, was led by Haun Ventures with the participation of notable investors including Coinbase Ventures, Scribble Ventures, DRW VC, and existing backers Avenir and Tiger Global. The funding will enable BVNK to expand its operations, including the establishment of a San Francisco office and a strategic presence in New York City.
In a statement, BVNK highlighted its efforts over the past year to strengthen its U.S. capabilities by assembling a local team, developing robust banking infrastructure, and obtaining the necessary operational licenses. These initiatives aim to cater to U.S. businesses seeking to leverage stablecoin technology for faster, more cost-effective transactions.
Jesse Hemson-Struthers, CEO of BVNK, emphasized the transformative potential of stablecoins in reshaping the global payments landscape. He noted that stablecoins are reshaping the way money moves globally, making transactions faster, more efficient, and less restricted by traditional barriers. He further highlighted that the company’s progress has laid the foundation for its broader vision, stating that the funding represents a critical milestone in their journey to reshape modern payments.
The rapid adoption of stablecoins is evident from the substantial transaction volumes recorded this year. According to BVNK, global stablecoin transactions reached $24 trillion, with $5.2 trillion attributed to payments alone. In November, 28.5 million unique users executed over $600 million in on-chain stablecoin transactions, signaling widespread acceptance of this innovative payment method.
BVNK also pointed to advancements by major financial players like Stripe and Visa, who are integrating stablecoins into their products. These efforts, coupled with increasing regulatory clarity in the U.S. and the European Union, have further solidified stablecoins as a viable solution for modern payment challenges.
The expansion into the U.S. aligns with the growing momentum behind stablecoins as a preferred method for cross-border payments. Traditional cross-border payment systems are often criticized for their high fees, lengthy processing times, and lack of transparency. In contrast, stablecoins offer near-instantaneous transfers, significantly reduced costs, and improved transparency through blockchain technology.
Research highlights stablecoins as the leading use case for cryptocurrency in cross-border transactions. Businesses are increasingly adopting blockchain-based payment solutions to streamline international operations and achieve greater efficiency.
BVNK’s expansion into the U.S. is a testament to the rising prominence of stablecoins in the global financial ecosystem. By providing the infrastructure for businesses to access and utilize stablecoins effectively, BVNK aims to lead the shift toward a faster, more transparent, and cost-efficient payments system.
As stablecoins continue to gain traction among businesses and financial institutions, BVNK’s strategic growth positions it at the forefront of this transformative movement. With $50 million in fresh funding and a foothold in the U.S., the company is well-equipped to drive the next wave of innovation in the payments industry.