Inside stablecoin company BVNK's journey to a $1.8 billion acquisition by Mastercard
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CoinDesk recently revealed the information that the four companies - Stripe, Visa, Mastercard, and Coinbase - have backed a new stablecoin platform, which is now operational. This only underscores the fact that stablecoins remain an area of importance for TradFi institutions despite a persistent bear market in the broader crypto industry. Looking at specific use cases that BVNK occupies, Rist highlighted various treasury functions that are streamlined through the use of stablecoins. "A large payment company collaborating with BVNK renews its treasury every 24 hours, and now uses stablecoins for this renewal," he said. Another advantage lies in how BVNK and other providers support companies with a widely dispersed workforce, a number of these workers or freelancers being in countries experiencing very high levels of inflation. "These companies use dollar-denominated stablecoins so that employees can choose to hold them in their wallets and do not have to receive pesos or nairas, for example," said Rist. After backing a winner in the form of BVNK, Concentric is looking for its next stablecoin company to invest in.
