The FCA has approved the deal - terms of which were not disclosed - which will enable BVNK to broaden its product offering.

Jesse Hemson-Struthers, CEO, BVNK, says: "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."

The BVNK multi-currency account lets customers send and receive payments on all major schemes and blockchain networks, incorporate stablecoins into their payment flows, and settle funds from over 30 markets.

The news comes shortly after the Bank of Spain approved BNVK as a Virtual Asset Services Provider, providing a springboard for expansion across the EU.