In the aim to boost its expansion and broaden its product offering, crypto asset service provider Bvnk has acquired UK fintech System Pay Services Limited (SPS Ltd).
SPS is registered as an electronic money institution (EMI) in the UK and provides e-money services, e-wallets, and multi-currency accounts for merchants to make, receive, and process payments.
BVNK to Broaden its Expansion
According to Bvnk, this acquisition is part of the company’s “global expansion plans,” alongside its operation in the UK, Asia, Europe, the Middle East, and Africa.
Bvnk is a crypto asset provider which provides a multi-currency account where users can send and receive payments on major blockchain networks, incorporate stablecoins into their revenue flows, and settle funds from over 30 markets.
Bvnk CEO, Jesse Hemson-Struthers, noted in an announcement, “It’s always been BVNK’s mission to bridge the gap between traditional and digital finance to offer merchants a modern payments platform that they can trust. As a UK EMI licensed operator, BVNK will be able to serve leading global businesses who require partners to be regulated and enterprise compliant.”
According to Henson, the company will continue to obtain new licenses to build out its capabilities further so as to provide its customers with an “unparalleled offering.”
Notably, this acquisition follows Bvnk’s current registration in Spain as a Virtual Asset Services Provider. Hemson stated, “We’re building the modern payment rails that global businesses deserve — instant, borderless, and resilient. We believe that regulated, fiat-backed stablecoins combined with the best parts of traditional payments will provide the infrastructure needed to deliver this vision.”
Speaking of acquisition, Changpeng Zhao (CZ), CEO of Binance, confirmed in an interview last week that the company’s US-based branch is set to acquire Voyager. According to CZ, the company is taking this move due to the beleaguered FTX exchange failure to acquire it.