Visa has made a strategic investment in BVNK, a London-based startup specializing in stablecoin payment infrastructure, through its Visa Ventures arm. This move underscores Visa’s commitment to integrating digital assets into global payment systems.

BVNK, which processes approximately $12 billion in stablecoin transactions annually, offers a platform that connects banks and blockchains via a single API. The company emphasizes compliance, utilizing automated onboarding, real-time sanctions screening, and transaction monitoring, supported by partnerships with firms like Chainalysis and Elliptic.
Electronic Payments International

Jesse Hemson-Struthers, CEO of BVNK, expressed enthusiasm about the partnership, stating that combining Visa’s expertise in global payment networks with BVNK’s stablecoin infrastructure presents significant opportunities to redefine business operations in the digital economy.

Rubail Birwadker, Visa’s head of products and partnerships, highlighted the growing role of stablecoins in global payment flows and reaffirmed Visa’s dedication to investing in emerging technologies that shape the future of commerce.

This investment follows BVNK’s $50 million Series B funding round in December 2024, led by Haun Ventures, with participation from Coinbase Ventures, Scribble Ventures, DRW VC, and existing investors Avenir and Tiger Global. The company plans to leverage this momentum to expand its presence in the United States, aiming to develop local banking infrastructure and obtain operational licenses to serve domestic companies.

Visa’s engagement with BVNK aligns with its broader strategy to embrace digital currencies and blockchain technology. In late 2024, Visa introduced the Visa Tokenized Asset Platform, designed to facilitate the issuance and management of tokenized assets, including stablecoins and central bank digital currencies. Additionally, Visa enabled real-time fund transfers for Coinbase users with eligible Visa debit cards, further integrating cryptocurrency into its payment ecosystem.

The collaboration between Visa and BVNK signifies a pivotal step toward modernizing global payment systems, enhancing efficiency, and promoting the adoption of stablecoin-based transactions in mainstream commerce.

UWU Lend, a prominent decentralized finance (DeFi) platform, has reported a second security breach, resulting in significant losses for its users. In response to this incident, UWU Lend has announced a reimbursement plan totaling $20 million to compensate affected users for their losses.

The security breach, which marks the second hack on the UWU Lend platform, highlights the ongoing challenges faced by DeFi protocols in ensuring robust security measures and protecting user funds. While the details of the breach are still under investigation, UWU Lend has taken immediate steps to address the issue and mitigate further damage to its users.

The $20 million reimbursement plan is a testament to UWU Lend’s commitment to prioritizing the safety and security of its users’ funds. By offering compensation for the losses incurred as a result of the hack, UWU Lend aims to restore confidence in its platform and demonstrate its dedication to supporting its community members during challenging times.

In addition to the reimbursement plan, UWU Lend has also announced plans to enhance its security infrastructure and implement additional measures to prevent future security breaches. These efforts underscore UWU Lend’s proactive approach to addressing security vulnerabilities and safeguarding user funds against potential threats.

As the DeFi landscape continues to evolve, incidents like the recent hack on UWU Lend serve as important reminders of the importance of robust security measures and risk management practices in the decentralized finance space. Despite the challenges posed by security breaches, UWU Lend remains committed to its mission of providing innovative financial services while prioritizing the safety and security of its users.

Sergey Nazarov, co-founder of Chainlink Labs, recently spoke with CNBC Crypto World about a collaborative pilot program involving DTCC, Chainlink, and ten financial institutions. The initiative aims to bring Net Asset Value (NAV) data on-chain. Nazarov also discussed the tokenization of real-world assets and the financial and political developments in the crypto sector.

Source Credits: CNBC