Mastercard to buy stablecoin startup BVNK for up to US$1.8 billion

[NEW YORK] Mastercard said it will acquire the stablecoin infrastructure startup BVNK for as much as US$1.8 billion, four months after negotiations between BVNK and Coinbase Global for a roughly US$2 billion deal fell apart.

The purchase price includes US$300 million in contingent payments, the companies said in a statement on Tuesday (Mar 17). 

Traditional payment networks such as Mastercard and Visa are positioning themselves to remain the payment players of choice as emerging technologies become more prominent.

Mastercard, based in Purchase, New York, earlier this month unveiled a global partnership network with more than 85 digital-asset firms and other crypto-related companies to bridge the gap between traditional and non-traditional payment methods.

The crypto exchange Coinbase acknowledged a potential acquisition of London-based BVNK late last year before the parties terminated the conversations in November. BLOOMBERG