Salesforce-backed ‘paytech’ firm Modern Treasury acquires Beam stablecoin startup for $40 million: Fortune
Salesforce-backed Modern Treasury acquired stablecoin infrastructure startup Beam for $40 million in an all-stock deal.Summary
Modern Treasury, a late-stage "paytech" startup backed by Salesforce Ventures, has acquired stablecoin infrastructure project Beam for $40 million, reportedly in an all-stock transaction. Modern Treasury, founded in 2018, traditionally focused on payment rails like ACH, while Beam, founded in 2022, offers a plug-and-play solution for banks to adopt stablecoins. This acquisition reflects a broader trend of fintech firms absorbing stablecoin talent and tools, following major deals like Stripe's acquisition of Bridge. The increased interest in stablecoins is partly attributed to the U.S. GENIUS Act being signed into law in July, establishing formal rules for dollar-pegged tokens. Beam founder Dan Mottice will join Modern Treasury to lead stablecoin adoption efforts.
(Source：The Block)