Stripe powers in-person and online payment processing and financial solutions for all types of businesses. A report said that the payment tech giant, Stripe, has acquired stablecoin platform Bridge for a $1.1 billion transition, making the largest acquisition in the crypto industry to date.
Stripe has acquired stablecoin platform Bridge for $1.1b for Crypto deal
TechCrunch founder Michael Arrington confirmed the new via a post on X, and highlight the important of this significant deal. The acquisition of Bridge reflects Stripe’s rising burden on cryptocurrencies.
As per the report, the deal is in the “advanced stages”, however, representatives from both organizations have not yet commented on the report.
“This deal is done. $1.1b”, Arrington wrote in an October 20 post and shared an article with the title ” Stripe in talks to acquire Bridge for $1 billion”.
Notable, the acquisition may be the largest to date for Stripe, which is based in San Francisco and Dublin. Plus, it was valued at $70 billion in July. Moreover, it would also fall into one of Crypro’s largest acquisitions in history.
On the flip since, the Beidge, co-founded by Coinbase alumni Zac Abrams and Sean Yu, has built an API that helps companies accept stablecoins.
The pair have raised $58 million from investors such as Index Ventures and Sequoia Capital, according to PitchBook. If the deal with Stripe goes through, it would be a huge jump from Bridge’s $200 million valuation, as well as Stripe’s biggest acquisition to date.
In addition, Stripe has made it clear that crypto is a big priority for the company. In July, it enabled crypto purchases in the European Union, and earlier this month, Stripe announced a Pay with Crypto feature that lets merchants accept stablecoins.
