Stripe acquires stablecoin platform Bridge for 11 billion marking the largest acquisition in the crypto industry

Stripe acquires stablecoin platform Bridge for 11 billion marking the largest acquisition in the crypto industry

Stripe acquires stablecoin platform Bridge for 11 billion marking the largest acquisition in the crypto industry

Michael Arrington, founder of the foreign media “TechCrunch”, revealed on social media that financial technology company Stripe has completed its largest acquisition to date, acquiring stablecoin platform Bridge for a transaction value of $1.1 billion. The software tools provided by Bridge help businesses accept stablecoin payments.

Bridge was founded by entrepreneurs Sean Yu and Zach Abrams, both of whom have previously worked at Coinbase. In addition, they previously founded peer-to-peer payment company Evenly, which has been acquired by Block.

According to Forbes, Bridge had previously raised $58 million, including $40 million in Series A financing, with a valuation of $200 million. The acquisition price of $1.1 billion this time represents a significant increase compared to the previous valuation.

Stripe has not yet released official information about the acquisition of Bridge before the deadline. According to The Block, if this transaction is completed, it will be the largest acquisition in Stripe’s history and the largest acquisition in the cryptocurrency industry to date.

Stripe terminated its support for Bitcoin in 2018, but the company officially relaunched cryptocurrency payment services in October this year, allowing US businesses to make payments in USD stablecoin USDC through blockchains such as Ethereum, Solana, and Polygon. Stripe is also the first customer of Paxos’ newly launched stablecoin payment platform last week.