bvnk grabs $40 million for its crypto banking services – The cryptocurrency banking service BVNK said that it had completed a $40 million Series A investment round. High net-worth individuals, institutional investors, and a well-known venture capital firm contributed to the funding.
What is Cryptocurrency?
A digital currency, or cryptocurrency, is an alternative payment method developed utilizing encryption methods. By utilizing encryption technology, cryptocurrencies can act as both a medium of exchange and a virtual accounting system. You need a cryptocurrency wallet in order to use cryptocurrencies. These wallets can be software that is downloaded to your PC, mobile device, or the cloud. Your encryption keys, which verify your identity and connect to your cryptocurrency, are kept in the wallets.
The original cryptocurrency and still the most traded, Bitcoin was established in 2009. The person or group whose specific identity is still unknown, usually regarded by the pseudonym Satoshi Nakamoto, is credited with creating the money.
Ethereum, a blockchain platform created in 2015, has its own digital currency called Ether (ETH), also known as Ethereum. After Bitcoin, it is the most widely used cryptocurrency.
A distributed ledger system called Ripple was created in 2012. Ripple is a tool that can be used to track more than just cryptocurrency transactions. The organization that created it has collaborated with numerous banks and financial organizations.
Because it has advanced more quickly to create new innovations, such as speedier payments and procedures to allow for more transactions, this is most comparable to Bitcoin.
The term “altcoins” distinguishes non-Bitcoin cryptocurrencies from the original.
Who is BVNK?
- A cryptocurrency banking service called BVNK promises to close the gap between conventional banking and the cryptocurrency sector. The program offers access to bank accounts, debit cards, and other financial services, among other features that are intended to make it simpler for Bitcoin users and investors to handle their holdings.
- One of the main advantages of BVNK is that it enables users to use their cryptocurrency accounts to access conventional banking services. This makes it simpler to monitor and manage all of a user’s financial assets in one location because consumers can manage their Bitcoin investments alongside their traditional bank accounts. Also, the business offers a safe and practical platform for trading, buying, and selling cryptocurrencies.
- In addition to conventional banking services, BVNK provides a number of other features that are intended to increase the general public’s access to cryptocurrency investing and usage. The service, for instance, includes a mobile app that enables users to manage their accounts while on the go and a variety of educational tools to aid users in better comprehending the world of cryptocurrencies.
- One of BVNK’s distinguishing characteristics is its incentives system, which encourages users to keep their BVNK tokens in their possession. Customers who own BVNK tokens can receive benefits like cashback, reduced fees, and other advantages, making it a potentially profitable investment possibility.
Cryptocurrency Startup BVNK Raises $40 Million in Series for Its Crypto Services
A $40 million Series A investment round with a $340 million post-money valuation was completed by cryptocurrency firm BVNK. It’s interesting to note that Tiger Global is leading the round despite being in the spotlight for suffering a $17 billion loss during this year’s sell-off in tech stocks.
The Raba Partnership, Avenir, Kingsway Capital, Nordstar, Concentric, Base Capital, and several business angels are additional participants in the current investment round. Last month, BVNK finalized its term sheet.
For firms that operate only in the crypto sphere, BVNK provides banking services and payment processing. Businesses that use BVNK may move money all over the world, hold hundreds of different currencies, and accept payments in both fiat and cryptocurrency.
The BVNK team has been working on a consumer platform before coming up with this product offering. It was a more conventional cryptocurrency exchange with an emphasis on remittance and developing countries.
“We started off as a retail company, but now we only do business with other businesses. The top talent in the cryptocurrency industry has been on our radar for the past year. According to BVNK co-founder and CEO Jesse Hemson-Struthers, we currently employ 120 individuals.
Despite the fact that cryptocurrencies are now experiencing a terrible week, numerous companies have been considering how they may start supporting cryptocurrency. Yet, the process has been challenging because many institutions all around the world are simply unwilling to cooperate with cryptocurrencies. Financial services really aren’t suited for cryptocurrency at all, according to co-founder and CPO George Davis.
Targets of BVNK
According to Davis, BVNK is going after businesses that are both crypto-native and crypto-curious, such as “payment companies that are being pushed to adopt crypto.”
Banking is the key draw to attract new consumers. BVNK can take the place of a few of your conventional bank accounts. You can buy, sell, send, and receive fiat currencies like EUR, GBP, and USD as well as cryptocurrencies like BTC, ETH, and USDC from your BVNK account.
Moreover, BVNK has developed a payment facility. It serves as a means of accepting cryptocurrency payments as well as a fiat-to-crypto on-ramp for those looking to purchase cryptocurrency assets. This API can be used by companies using BVNK with their own clients.
Particularly intriguing is the fiat on-ramp because BVNK wants to take on MoonPay head-on. If you are unfamiliar, MoonPay is a well-liked on-ramp API for other goods. For instance, many cryptocurrency wallets integrate MoonPay into their mobile applications to enable debit card purchases of cryptocurrency. bvnk grabs $40 million for its crypto banking services
BVNK believes that open banking will enable them to create a low-cost substitute. BVNK invites users to check in with their bank account information and launch an instant payment from there. By doing so, BVNK reduces its payment processing costs.
BVNK has garnered over 120 consumers so far. Hemson-Struthers informed me that “as a business, we’ve been lucrative.” According to the business, it presently processes more than $2 billion in annual payments.
According to the CEO of BVNK, the investment will help to completely transform the Bitcoin banking industry. He continued by stating the company’s objective. It is to provide a user-friendly and secure platform that will enable consumers to manage their Bitcoin assets in addition to conventional banking services.