Payment company Modern Treasury acquires stablecoin startup Beam for $40 million

Foresight News reported, according to Fortune, that payment infrastructure company Modern Treasury, valued at $2.1 billions, has acquired stablecoin startup Beam. Sources revealed that the acquisition is an all-stock deal worth approximately $40 millions. As part of the transaction, Beam’s founders will join Modern Treasury and help lead the company’s expansion into the stablecoin payments sector. Founded in 2022, Beam provides software for banks and other enterprises to send and receive stablecoins (cryptocurrencies pegged to underlying assets such as the US dollar).