Market News

Modern Treasury Acquires Beam Stablecoin Startup for $40 Million, Backed by Salesforce

In a significant move within the fintech landscape, Modern Treasury has acquired stablecoin infrastructure project Beam for $40 million.

This acquisition, conducted through an all-stock transaction, marks a strategic extension of Modern Treasury's capabilities in the payment sector.

Founded in 2022, Beam specializes in providing software solutions that allow banks and corporations to seamlessly adopt stablecoins.

With Beam's previous funding totaling around $14 million and a last valuation near $44 million, this deal indicates robust growth potential in the stablecoin space.

The interest in stablecoins is surging, especially after the recent passing of the U.S. GENIUS Act, which establishes regulatory clarity for dollar-pegged tokens.

Notable fintech players are also deepening their investments in this area; Stripe's acquisition of stablecoin startup Bridge for $1.1 billion exemplifies this trend.

Additionally, Coinbase and Mastercard are reportedly engaged in a competitive bid for the stablecoin firm BVNK, further highlighting the escalating interest in stablecoin infrastructure.

As part of the acquisition, Beam's founder Dan Mottice will join Modern Treasury to drive stablecoin adoption within the company.

The growing enthusiasm for stablecoins is further evidenced by Circle Internet Group's successful IPO earlier this year, which injected additional excitement into the market.

With over $183 million raised and backing from prominent investors including Salesforce Ventures, Modern Treasury is well-positioned to innovate within the evolving cryptocurrency landscape.