Coinbase and Mastercard Held Advanced Talks to Buy Stablecoin Startup BVNK for Up to $2.5 Billion
According to Fortune, two major corporate players, Coinbase and Mastercard, have held advanced talks to acquire stablecoin startup BVNK for a staggering sum of up to $2.5 billion. This potential deal would mark the largest stablecoin acquisition to date, surpassing Stripe's 2023 purchase of Bridge for $1.1 billion.
The negotiations between Coinbase and BVNK are said to be in an advanced stage, with sources close to the matter indicating that a deal could be reached soon. Mastercard, on the other hand, has also been in talks with BVNK, although the extent of their involvement is unclear. According to Fortune, both companies have expressed interest in acquiring BVNK's stablecoin technology and expanding their presence in the rapidly growing digital assets market.
BVNK's founders, Chris Harmse, Jesse Hemson-Struthers, and Donald Jackson, have been at the forefront of the company's growth and development. In an interview with Fortune, Harmse stated, "We're excited about the potential partnership with both Coinbase and Mastercard. Our technology has the potential to revolutionize the way people interact with digital assets, and we believe that together, we can achieve great things."
The acquisition would not only provide BVNK's founders with a significant payday but also give the acquiring companies access to cutting-edge stablecoin technology. Stablecoins are digital currencies pegged to the value of a fiat currency, such as the US dollar, and have gained popularity in recent years due to their stability and ease of use.
The deal would be a major coup for Coinbase, which has been expanding its presence in the digital assets market through various acquisitions and partnerships. Mastercard, on the other hand, has been exploring the potential of blockchain technology and digital currencies to enhance its payment processing capabilities.
While neither company has commented publicly on the talks, industry experts believe that the acquisition would be a significant step forward for both parties. "This deal would demonstrate the growing importance of stablecoins in the digital assets market," said Sarah Young, a fintech analyst at Deloitte. "It's clear that major players are recognizing the potential of stablecoin technology and are willing to invest heavily in it."
As talks between Coinbase and BVNK continue, industry observers will be watching closely to see if a deal is reached and what implications it may have for the digital assets market.
Background on BVNK:
BVNK was founded in 2020 by Chris Harmse, Jesse Hemson-Struthers, and Donald Jackson. The company has gained significant traction in recent years due to its innovative stablecoin technology, which allows users to easily convert between fiat currencies and digital assets. BVNK's founders have been vocal about their commitment to developing user-friendly and secure solutions for the digital assets market.
Context:
The acquisition of BVNK by Coinbase or Mastercard would be a major development in the rapidly growing digital assets market. Stablecoins have gained popularity in recent years due to their stability and ease of use, making them an attractive option for investors and users alike. The deal would demonstrate the growing importance of stablecoin technology and highlight the willingness of major players to invest heavily in it.
Current Status:
Talks between Coinbase and BVNK are said to be in an advanced stage, with sources close to the matter indicating that a deal could be reached soon. Mastercard has also been in talks with BVNK, although the extent of their involvement is unclear. Industry experts believe that the acquisition would be a significant step forward for both parties and demonstrate the growing importance of stablecoin technology.
Next Steps:
As talks between Coinbase and BVNK continue, industry observers will be watching closely to see if a deal is reached and what implications it may have for the digital assets market. If a deal is announced, it would likely spark further interest in stablecoin technology and highlight the potential for major players to invest heavily in it.
This story was compiled from reports by Fortune and CoinDesk.
