The venture capital arm of US multinational bank Citigroup (C) has made a strategic investment in stablecoin payments platform BVNK, the companies announced on Thursday.
Citi Ventures joins Visa (V) in backing BVNK, after the payments giant made its own strategic investment in the company in May this year.
The companies did not disclose the amount of the investment.
The growth of the stablecoin sector has been one of the defining trends in the digital assets sector over the past year, aided in part by the introduction of formal regulatory regimes in major jurisdictions such as the United States and Hong Kong.
This has provided a tailwind for investments from the biggest names in the traditional financial world (TradFi), such as Citi and Visa.
BVNK processes more than $20 billion in payments annually and counts Worldpay, Flywire and dLocal among its customers, according to Thursday’s announcement.
“Stablecoins are seeing growing interest in on-chain and crypto asset transaction settlement,” said Arvind Purushotham, director of Citi Ventures.
