BVNK and Bitwave Partner to Help Enterprises Adopt Stablecoin Payments
BVNK and Bitwave have partnered to help enterprise finance teams send and receive stablecoin invoice payments.
[contact-form-7]This collaboration integrates BVNK’s embedded stablecoin wallets and Bitwave’s SOC-compliant tax, accounting and compliance platform, the companies said in a Tuesday (July 15) press release.
This combination will enable Bitwave customers to use BVNK’s wallets to pay invoices in U.S. dollars and settle in stablecoins; accept payments in stablecoins and receive fiat; simplify reconciliation and automate GAAP/IFRS reporting; and access automated workflows for simplified tax, accounting and compliance, according to the release.
For finance teams, this solution will accelerate settlement times, modernize treasury operations and simplify financial reporting workflows, per the release.
“For many finance teams, adopting stablecoins has been held back by operational and reporting complexity,” BVNK CEO and Co-founder Jesse Hemson-Struthers said in the release. “Our integration with Bitwave bridges that gap, making it easier for businesses to move between traditional finance operations and stablecoin payments.”
Bitwave CEO and Co-founder Pat White said in the release that businesses are ready to adopt stablecoin payments but have lacked a safe and reliable way to do it.
“BVNK delivers exactly that for our customers — offering speed, compliance and flexibility without adding operational complexity,” White said.
BVNK, which is based in London, announced in December that it raised $50 million in a Series B funding round and was expanding to the U.S.
Hemson-Struthers said at the time in a press release: “Stablecoins are redefining how money moves across the world — faster, more cost-efficient and with fewer barriers. At BVNK, we’re building the infrastructure to make these new rails accessible to businesses everywhere, empowering them to operate at the speed of today’s economy.”
BVNK launched its embedded wallet unifying fiat and stablecoins globally in March, saying this product is designed to provide better payment flexibility by bringing fiat and stablecoins together in a single platform and offering direct access to blockchains and payment systems like Swift and ACH.
In May, BVNK received an investment of an undisclosed amount from Visa.
Rubail Birwadker, head of growth products and partnerships at Visa, said at the time in a press release that “Visa invests in new technologies and builders like BVNK, staying at the forefront of what’s next in commerce to better serve our clients and partners.”
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