By Nermeen Nabil Khear TLDR:
Stripe reportedly acquired Bridge, a stablecoin platform, for $1.1 billion
The deal is considered one of the largest acquisitions in crypto history
Stripe recently began supporting global stablecoin payments
Bridge allows businesses to create, store, send and accept stablecoins
Neither company has officially confirmed the acquisition
Stripe, the San Francisco and Dublin-based payment processing giant, has reportedly made its largest acquisition to date by purchasing Bridge, a stablecoin-focused startup, for $1.1 billion.
This information comes from TechCrunch founder Michael Arrington, who stated on social media that “This deal is done. $1.1b.”
This deal is done. $1.1b https://t.co/J7ppK4uHw0
— Michael Arrington (@arrington) October 20, 2024
The reported acquisition comes at a time when Stripe has been expanding its presence in the cryptocurrency space. Earlier this year, Stripe’s co-founder John Collison announced that the company would begin supporting global stablecoin payments.
This was followed by the recent introduction of stablecoin payments on Stripe’s main payments user interface, integrating Circle USD (USDC) stablecoin.
Bridge, founded in 2022 by former Coinbase executives Zach Abrams and Sean Yu, is a stablecoin-based payments network designed to compete with traditional financial systems like the SWIFT network and credit cards.
The platform allows businesses to create, store, send, and accept stablecoins, positioning itself as a Web3 alternative to companies like Stripe.
Prior to this reported acquisition, Bridge had received $58 million in funding from notable investors including Sequoia, Ribbit, and Index. The company was previously valued at $200 million, making the reported $1.1 billion price tag a significant increase in valuation.
If confirmed, this deal would mark one of the largest acquisitions in the cryptocurrency industry’s history. It would also represent a major step for Stripe in expanding its cryptocurrency capabilities and services.
Stripe, valued at $70 billion as of July 2024, has been steadily growing its presence in the digital payments landscape. The company reported passing the $1 trillion milestone for total payment volume in 2023, with the output of businesses using Stripe amounting to about 1% of global gross domestic product (GDP).
The potential acquisition of Bridge aligns with Stripe’s recent moves in the cryptocurrency space. Just two weeks ago, Stripe introduced stablecoin payments on its main payments user interface by integrating USDC.
This integration allows businesses to accept payments in stablecoins, which are cryptocurrencies designed to maintain a stable value relative to a reference asset, typically the US dollar.
While the deal has not been officially confirmed by either company, it has generated significant buzz in both the fintech and cryptocurrency communities. If true, it could signal a major shift in how traditional payment processors are approaching digital assets and blockchain technology.
The post Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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