Citi, the third-largest bank in the United States, has made a strategic investment in BVNK, a London-based stablecoin infrastructure firm backed by Coinbase and Tiger Global. The move comes amid clearer regulations and rising demand for stablecoins among US banks.
BVNK operates a payments platform that enables global transactions using stablecoins, allowing easy conversion between fiat and crypto. In a recent interview with CNBC, co-founder Chris Harmse said that the startup has seen strong growth in the US over the past year.
BVNK has declined to disclose the size of Citi’s investment or its current valuation. However, Harmse confirmed that the startup’s valuation has exceeded the $750 million figure from its previous funding round.
Harmse noted that the Wall Street giant has been expanding its cross-border payments capabilities. The company is also targeting digital-only banks and neobanks that may integrate stablecoins into their core banking products.
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