Irish-AmericanfintechfirmStripehasmarkedcrypto’slargestacquisitionasitacquiresstablecoinplatformBridgefor$1.1billion.
Thedealhadreportedlybeencarriedoutin“advancedstages”fromatleastOctober17.TechCrunchfounderMichaelArrington,claimedinarecentXpost,“Thisdealisdone.$1.1b.”
Thisdealisdone.$1.1bhttps://t.co/J7ppK4uHw0
—MichaelArrington🏴☠️(@arrington)October20,2024
FoundedbyformerCoinbaseexecutives-SeanYuandZachAbrams,Bridgeprovidessoftwaretoolsthathelpcompaniesacceptpaymentsinstablecoins.
AbramswastheHeadofConsumeratCoinbaseandwasthefounderofEvenly,aP2PpaymentsfirmthatwaseventuallyacquiredbySquare.YuwasengagedinengineeringrolesatCoinbase,Square,DoordashandAirbnb.
The$1.1billionvaluationisahugejumpfromBridge’spreviousvaluationat$200Millionthatcamethroughafteritpreviouslyraised$58millionfrominvestors,includinga$40millionSeriesAround.
Stripe,ontheotherhand,isapaymentprocessingplatformthatallowsbusinessestoacceptcreditanddebitcardsorotherpaymentsonlineandhasrecentlyintroducedstablecoinpaymentsto70countriesonitsmainpaymentsuserinterfacebyintegratingCircleUSD(USDC)stablecoin.Itwaslastvaluedat$70billion.InMarch,Stripereportedithadpassedthe$1trillionmarkfortotalpaymentvolumein2023,withtheoutputofbusinessesusingStripeamountingtonearly1%ofglobalgrossdomesticproduct.
cryptonewsz.com