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Stablecoin infrastructure company BVNK receives investment from Citigroup's venture capital firm.
PANews, October 9th news, according to CNBC reports, Citi Ventures has invested in the stablecoin infrastructure startup BVNK, with the amount undisclosed. BVNK provides a stablecoin payment rail that supports two-way settlements between fiat and crypto assets; co-founder Chris Harmse stated that the company is valued at more than the previously disclosed $750 million. Its growth in the U.S. market is the fastest, driven by the U.S. stablecoin regulatory bill, the GENIUS Act. Citi is evaluating the issuance of its own stablecoin and expanding crypto custody. In the past 12 months, the stablecoin trading volume has approached $9 trillion (Visa), with a total market capitalization exceeding $300 billion (CoinMarketCap). BVNK is also supported by Coinbase and Tiger Global.