According to CoinMeta, Concentric, one of the early investors and co-founders of Kjartan Rist, stated that during the bidding process where Mastercard acquired the stablecoin infrastructure company BVNK for $1.8 billion, Coinbase held an advantage at one point and may have offered a bid of up to $2.5 billion. However, the founding team of BVNK placed great emphasis on corporate culture and compatibility between the two parties when selecting an acquirer, and ultimately did not reach an agreement with Coinbase. Rist also mentioned that Visa was involved in potential acquisition discussions as well, as it was already an investor in BVNK and thus had a certain advantage, but ultimately decided not to proceed with the acquisition and instead chose to adopt a strategy of collaborating with multiple stablecoin operators.