Visa strategically invests in blockchain payment company BVNK

The venture capital arm of global payment service provider Visa (V) has made a strategic investment in BVNK, a startup building a stablecoin-based payment infrastructure, in a move that reflects the trend of traditional financial firms moving into blockchain-driven money flows. A BVNK spokesperson confirmed in an email that the deal had been completed, but declined to disclose the size of the investment.
BVNK develops software that allows businesses to send and receive stablecoins in the global marketplace. The London-based company says its annual stablecoin trading volume has reached $12 billion and recently entered the US market, with offices in New York and San Francisco. The company has applied for licenses in all US states and has been approved in several states.