Citi Ventures, the venture capital arm of Citigroup, has invested in BVNK, a London-based stablecoin infrastructure company dedicated to building global payment rails for digital assets.
BVNK declined to disclose the size of Citi's investment or its current valuation. However, co-founder Chris Harmse told CNBC that its valuation now exceeds the reported $750 million from the last funding round. The company has received support from major investors, including Coinbase and Tiger Global.
"You will see explosive growth in demand based on stablecoin infrastructure," Harmse told CNBC.
He stated that BVNK's strongest growth driver comes from the United States, which has been its fastest-growing market over the past 18 months, aided by improved regulatory clarity. He added that the recently passed GENIUS Act (a U.S. bill providing clearer regulation for stablecoins) has boosted institutional confidence.
This move comes as Wall Street increasingly adopts blockchain-driven financial services and the use of stablecoins in global payment systems rises.
"Due to the GENIUS Act, U.S. banks of Citi's scale are fully supporting… leading companies in this space to ensure they are at the forefront of payment technology transformation," Harmse said.
Citi has indicated deeper ambitions in digital assets this year. In July, CEO Jane Fraser stated that the bank is considering issuing its own stablecoin and providing cryptocurrency custody services.
Citi is optimistic about stablecoins. In September, the bank raised its stablecoin market forecast, predicting the industry could reach $4 trillion by 2030, citing rapid adoption over the past six months. The bank set a baseline scenario of $1.9 trillion and a bullish scenario of $4 trillion, up from previous estimates of $1.6 trillion and $3.7 trillion.
In May, Visa invested an undisclosed amount in BVNK through its Visa Ventures division. Previously, the stablecoin infrastructure company completed a $50 million Series B funding round led by Haun Ventures last year.
Cointelegraph has reached out to Citi for comment but has not received a response as of publication.
Reports indicate that the Bank of England is reconsidering its proposed limits on corporate stablecoin holdings, which faced strong opposition from the industry and pressure to remain competitive with the U.S.
Initially, the Bank of England proposed setting a cap of £20,000 (approximately $27,000) for individuals and £10 million for companies to mitigate systemic risks posed by widely used stablecoins like USDT and USDC. However, the central bank is now considering exemptions for cryptocurrency companies that require larger stablecoin reserves for trading and liquidity management.
Related: New York Times: Roger Ver reaches preliminary agreement with the U.S. Department of Justice over tax allegations
Original article: “Stablecoin Company BVNK Receives Investment from Citigroup's Venture Capital Arm Citi Ventures, Wall Street Deepens Cryptocurrency Layout”
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