Quick take:
The round was completed at a valuation of $750 million, according to a source familiar with the matter.
The fundraising follows BVNK’s $40 million Series A round announced in May 2022, which valued the crypto startup at $340 million.
BVNK plans to use the capital to accelerate its expansion in the U.S. after opening new offices in San Francisco.
BVNK, the crypto startup focused on developing infrastructure for issuing stablecoins has raised $50 million in an all-equity Series B round led by Haun Ventures. The fundraising also attracted participation from Coinbase Ventures, Scribble Ventures, DRW Venture Capital, and existing investors Avenir and Tiger Global.
The fundraising follows BVNK’s $40 million Series A round announced in May 2022 at a valuation of $340 million. Although the company did not comment on the current valuation, Fortune reported that the round was sealed at a valuation of $750 million, citing sources familiar with the matter.
BVNK plans to use the funds to accelerate its expansion in the U.S. after announcing its new offices in San Francisco.
“Over the past year, we’ve been building out our US team, local banking infrastructure, and operational licenses. Today, we’re also announcing that we’re opening an office in San Francisco and establishing a presence in New York City,” the company wrote in a blog post.
BVNK wants to pounce on the growing regulatory clarity in the U.S. ahead of the exciting new legislation spearheaded by the new Trump administration.
Jesse Hemson Struthers, co-founder and CEO of BVNK sees stablecoins as “an infrastructure upgrade for payments, ready to replace legacy systems.”
Commenting the the lead investor choice, the crypto company said: “We chose Haun Ventures to lead our Series B because of their track record of backing transformative companies shaping the future of finance.”
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