Citi backs stablecoin firm as big banks warm to crypto
BVNK co-founders (L to R) Donald Jackson, Jesse Hemson-Struthers and Chris Harmes, at the company’s San Francisco Office.
BVNK
Citi has invested in stablecoin infrastructure company BVNK, the startup told CNBC on Thursday, as big U.S. banks ramp up their presence in the cryptocurrency and digital asset space.
Stablecoins are a type of digital asset pegged to a fiat currency and backed by real-world assets like bonds. The two biggest are USDC and Tether, which issues USDT.
BVNK’s core technology is effectively a payments rail to facilitate transactions in stablecoins globally, allowing customers to move money from fiat into the cryptocurrency and back.
The company declined to disclose the sum that Citi invested or its current valuation. But…
