As crypto prices soar to all-time highs, venture investors are pouring capital into a red-hot corner of the blockchain industry: infrastructure for stablecoins, which are cryptocurrencies designed to hold a fixed 1:1 peg to fiat currencies like the U.S. dollar.
This climate has helped BVNK, a U.K.-based stablecoin infrastructure company, raise a $50 million, all-equity Series B funding round led by the crypto-focused megafund Haun Ventures, with participation from Bitcoin was to create a new global peer-to-peer payment system that didn’t need intermediaries like banks or governments. While Bitcoin and a slew of other cryptocurrencies have exploded in popularity, users have mostly turned to them for speculation and stores of value, with the assets too volatile and costly to use as a means of payment.
