BVNK and LianLian Global Partner on Stablecoin-Powered X-Border Payments
BVNK and LianLian Global partnered to enable merchants to use major stablecoins to fund cross-border transactions.
[contact-form-7]This capability reduces settlement times from days to minutes and is especially valuable to businesses operating in regions in which traditional banking rails have limitations or cause delays, the companies said in a Wednesday (June 4) press release.
The partnership brings together cross-border payment service provider LianLian Global’s local currency expertise and merchant network, which spans more than 100 countries, and payments infrastructure provider BVNK’s stablecoin infrastructure and auto-conversion technology, according to the release.
In the new cross-border payments solution enabled by the collaboration, merchants deposit stablecoins, BVNK automatically converts them to U.S. dollars, and LianLian Global routes those dollars through its global network, per the release.
The capability is available to LianLian Global’s customers, according to the release.
“By partnering with BVNK, we’re meeting growing demand for stablecoin payment rails, helping our customers in eCommerce, marketplaces and other sectors to boost liquidity and execute cross-border payouts in 130 currencies with unprecedented efficiency,” Adora Wang, CEO of LianLian Europe, said in the release.
BVNK CEO and co-founder Jesse Hemson-Struthers said in the release: “Stablecoins are reshaping global finance.”
“Through this partnership, LianLian Global’s merchants can transform idle digital assets into instant cross-border payment fuel,” Hemson-Struthers said.
Traditional cross-border payment methods entail friction for businesses, according to the PYMNTS Intelligence report “The Treasury Management Playbook: Spotlight on Cross-Border Payments.”
The report found that slow speeds, lack of transparency and high costs are the three most commonly cited pain points.
It was reported in March that the world’s biggest banks and FinTechs are scrambling to roll out their own stablecoins because they expect that stablecoins will transform the cross-border payments market.
BVNK said in December that it raised $50 million in a Series B funding round and is expanding to the U.S. to serve the country’s businesses that want to delve into the world of stablecoin payments.
On May 6, BVNK said it received an investment from Visa to help accelerate global adoption of stablecoin payments. The amount of the investment was not disclosed.
“At BVNK, we’re building the infrastructure to make these new rails accessible to businesses, empowering them to operate at the speed of today’s economy,” Hemson-Struthers said at the time in a press release.
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