BVNK has launched a unified wallet for stablecoins and global fiat payments with multi-rail access.
The multicurrency wallet integrates fiat, crypto and stablecoin payments into a single solution, aiming to provide direct access to major blockchains and both local and international payment networks.
These networks include Swift, ACH, Fedwire, SEPA, FPS, Solana, Tron, Polygon, Ethereum, BNB Smart Chain, Bitcoin and Cardano. The product launch and the extent of the connections BVNK has built up are timely given the extensive public interest in crypto at the moment, with stablecoins, in particular, gaining a lot of interest.
BVNK is targeting a wide range of businesses with the platform. Potential users include fintechs, crypto platforms, PSPs, marketplaces and payroll providers, which can embed BVNK’s multicurrency wallet via API, allowing customers to store, spend and receive payments in stablecoins, USD, GBP and EUR.
Simon Griffin, Chief Product Officer at BVNK, commented: “Stablecoins are redefining how we transfer value around the world, enabling 24/7/365, accelerated global payments. But they’re not perfect for every use case – and moving money between traditional currencies and stablecoins is still challenging.
“With our embedded wallet, we’re making stablecoin, crypto and fiat payment rails interoperable, to give our customers true payments flexibility.”
The fintech claims this is a first-of-its-kind solution and asserts that while other embedded wallets for fiat and crypto exist, they lack the same breadth of access to fiat accounts and payment networks. Additionally, it states many don’t support holding or exchanging balances or managing third-party payments.
As Griffin noted, stablecoin adoption is growing. At MWC this week, Payment Expert heard from Markus Franke, CEO of digital asset platform Mento, who emphasised the lack of volatility of stablecoins due to the asset’s connections to currencies like USD as being a key selling point for the mass market.
This feature makes them particularly useful for cross-border transactions, he said, allowing users to benefit from the security, speed and pricing of blockchain transactions while still using fiat currency.
Stablecoins can also help improve financial inclusion, Franke said: “In many regions, for example Kenya, people in rural areas are not having any access to loans, outside of loan sharks.
“You can use the blockchain to gain access to a loan, you can use a local stablecoin to gain a loan in a local currency.”
