Coinbase and Mastercard in talks to acquire BVNK for $1.5B-$2.5B

Coinbase and Mastercard have held advanced talks to acquire BVNK, a London-based stablecoin infrastructure startup, in discussions that industry sources say are ongoing and could value the company between about $1.5 billion and $2.5 billion. People familiar with the matter said no agreement has been finalized and that the negotiations could still collapse, though several sources indicated Coinbase currently has the lead.

BVNK builds infrastructure that lets businesses and financial institutions send, receive and settle payments using stablecoins, digital tokens pegged to fiat currencies. Its platform combines custody, multichain payment rails and a single API to enable near-instant cross-border settlement and lower fees compared with legacy payment networks, according to people with knowledge of the company. BVNK has reported growing uptake among banks and corporate clients and recently marked material payment volume milestones that have helped raise its market profile.

The company raised about $50 million in December at a reported valuation near $750 million, with participation from venture firms and financial institutions, including Coinbase Ventures, Tiger Global, Visa and...