ME News report, May 21 (UTC+8): According to BBX data, yesterday saw a divergence in the crypto infrastructure strategies of traditional payment institutions, with clear disagreements emerging regarding Ethereum and the altcoin sector. Key developments include: Mastercard Incorporated (NYSE: $MA) finalized its acquisition agreement for UK-based stablecoin infrastructure firm BVNK on March 17, at a maximum value of $1.8 billion (including $300 million in performance-based contingent payments). This directly led Mastercard to abandon its previously ongoing strategic investment plan in Zerohash (a privately held company). Following the BVNK acquisition, Mastercard exited negotiations with Zerohash, which is now seeking new funding at a valuation exceeding $1.5 billion—higher than its $1 billion valuation established during its D-2 round in September 2025. Mastercard’s strategic rationale for acquiring BVNK lies in its stablecoin payment infrastructure spanning over 130 countries and its unique, hard-to-replicate portfolio of multi-jurisdictional payment licenses. Jorn Lambert, Chief Product Officer at Mastercard, stated that the goal is to integrate stablecoins into Mastercard Move’s core cross-border payment network, not treat them as peripheral experiments. Analysts at JPMorgan Chase & Co. (NYSE: $JPM), citing their latest research report, indicated that under current market conditions, Ethereum and the broader altcoin sector will continue to underperform Bitcoin, due to three structural weaknesses: weak network activity, stagnant DeFi ecosystem growth (Solana’s TVL has declined from a peak of $13.1 billion in 2025 to approximately $5.5 billion), and limited real-world adoption scenarios. The analysts believe that for the altcoin sector to catch up to Bitcoin’s performance, a “major surge in network activity” would be required—a condition currently lacking any visible near-term catalyst. (Source: ChainCatcher)
Mastercard Acquires BVNK for $1.8 Billion, Zerohash Aims for $15 Billion Valuation
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Summary
Mastercard has finalized its $1.8 billion acquisition of BVNK, a UK-based stablecoin infrastructure company, including a $300 million performance-based bonus. The deal concludes its earlier plan to invest in Zerohash, which is now seeking $15 billion in new funding. JPMorgan noted that trending altcoins are underperforming Bitcoin due to weak network activity and stagnant DeFi growth, with a major network upgrade expected to test Ethereum’s ability to regain momentum.
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