South African cryptocurrency founders join billionaire ranks as Mastercard confirms $1.8 billion BVNK deal which translates to about R30 billion, reports Cape {town} Etc.
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According to a Mastercard statement, the move has placed Jesse Hemson-Struthers, Donald Jackson and Chris Harmse at the centre of one of the biggest payments stories of the year.
Mastercard said BVNK has built infrastructure to bridge fiat money and stablecoins across more than 130 countries. The card giant said the acquisition strengthens its push into on-chain payments, with chief product officer Jorn Lambert saying that ‘Adding on-chain rails to our network will support speed and programmability for virtually every type of transaction.’
BVNK co-founder and chief executive Jesse Hemson-Struthers said the transaction brings ‘complementary capabilities to define and deliver the future of money’.
He added that the deal would help the company scale stablecoin infrastructure across currencies, payment rails and geographies.
Daily Investor reported that the founders retained a substantial equity stake, although BVNK has not disclosed their exact shareholdings. On that basis, they are likely to have crossed into billionaire territory, though the company’s private ownership means the precise figure remains unconfirmed. The transaction is still subject to regulatory review and other closing conditions.
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Picture: BVNK / Facebook
