Citi stakes in stablecoin startup BVNK as Wall Street goes bullish on digital assets

On October 9, Citigroup invested in stablecoin infrastructure startup BVNK as ￰0￱ expand their presence in the crypto and digital asset ￰1￱ said the funding will support its global stablecoin payment network as it accelerates ￰2￱ ￰3￱ announced that Citi’s investment follows earlier support from Visa, Tiger Global, and Haun ￰4￱ company has secured stable funding as stablecoins are increasingly being incorporated into regulated ￰5￱ co-founder and managing director Chris Harmse implied that the company’s valuation exceeds the $750 million disclosed at its most recent investment ￰6￱ expands stablecoin infrastructure amid rising demand Arvind Purushotham, Head of Citi Ventures, alleged that stablecoins are becoming more popular as a means of resolving on-chain and cryptocurrency asset ￰7￱ emphasized that BVNK’s enterprise-grade infrastructure and track record of success attracted Citi ￰8￱ Harmse, the managing director, said that the company is experiencing a surge in demand for infrastructure built on ￰9￱ revealed that BVNK’s strongest momentum comes from the U.

S., its fastest-growing market over the past 18 months, as regulatory clarity ￰10￱ added that institutional confidence has increased as a result of the recent approval of the GENIUS Act, a ￰11￱ that provides greater governance of stablecoins. “You are seeing with the GENIUS Act coming through, and regulatory clarity, an explosion of demand for building on top of stablecoin infrastructure,” – Chris Harmse , Co-founder and Managing Director, BVNK Chris Harmse stated that American banks, such as Citi, are taking advantage of the GENIUS ￰12￱ emphasized that the GENIUS Act will ensure American banks remain at the forefront of the payments technology ￰13￱ Managing Director noted that BVNK has “dipped in and out of profitability” due to its investment in growth, adding that it is on track to be profitable next ￰14￱ mentioned that customers in other nations can utilize BVNK’s technology to pay vendors, contractors, or ￰15￱ emphasized that the company aims to expand its client base, which may include neobanks or digital-only banks that accept stablecoins as a primary payment method for their checking ￰16￱ June, Jane Fraser, Chief Executive Officer of Citi, announced that the bank planned a more robust entry into the cryptocurrency ￰17￱ noted that Citi explored custodian services for digital assets and is contemplating the introduction of its own ￰18￱ raises stablecoin market forecast to $4 trillion Citi increased its stablecoin market projection in September, predicting that the industry could reach $4 trillion by 2030, driven by its rapid adoption over the previous six ￰19￱ earlier predictions of $1.6 trillion and $3.7 trillion, Citi established a base case of $1.9 trillion and a bullish scenario of $4 ￰20￱ bank expects the stablecoin supply will remain U.

S. dollar-denominated (approximately 90%), with ￰21￱ promoting national currency ￰22￱ noted that a ￰23￱ framework for stablecoins could drive net new demand for U. S. Treasuries, making stablecoin issuers among the largest holders of ￰24￱ by ￰25￱ bank stated that stablecoins present a risk to established banking ￰26￱ claimed that stablecoins are likely to provide banks and financial institutions with opportunities to offer new services.

“Institutional adoption of stablecoins is still in its very early stages, maybe 0.5 on a scale of 0 to ￰27￱ we are seeing serious institutional interest in the space across banks, asset managers, and other financial institutions.” – Catherine Gu, Head of Institutional Client Solutions, Visa Visa made an undisclosed investment in BVNK in May through its Visa Ventures ￰28￱ $50 million Series B fundraising round led by Haun Ventures was closed by the stablecoin infrastructure startup last ￰29￱ Birwadker, Head of Products and Partnerships at Visa, explained , “Stablecoins are fast becoming a part of global payment flows.” He asserted that Visa makes investments in new technology and builders like BVNK, which are engaged in “what’s next in commerce,” to better serve its clients and ￰30￱ your project in front of crypto’s top minds?

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