FintechgiantStripehasfinalizedadealtoacquirestablecoinplatformBridgefor$1.1billion.
Thispurchasemarksthelargestacquisitioninthecryptoindustrytodate.
Record$1.1BillionDeal
TechCrunchfounderMichaelArringtonrevealedthenewsinapostonX,stating,“Thisdealisdone.$1.1b.”
Bridge,co-foundedbySeanYuandZachAbrams,providessoftwaretoolsenablingbusinessestoacceptpaymentsinstablecoins.Theplatformallowscompaniestocreate,store,send,andreceivesuchassets.
ZachAbramspreviouslyservedasHeadofConsumeratCoinbaseandfoundedthepeer-to-peerpaymentscompanyEvenly,whichwaslateracquiredbySquare.Beforeco-foundingBridge,SeanYuheldkeyengineeringrolesatmajorcompaniessuchasCoinbase,Square,DoorDash,andAirbnb.
Earlierthisyear,thestartupreceived$58millioninfundingfromprominentinvestors,includingSequoia,HaunVentures,Ribbit,andIndexVentures.AccordingtoForbes,thisincludeda$40millionSeriesAfundingroundthatvaluedthecompanyat$200million.ItmeansthatStripe’s$1.1billionacquisitionisamajorbumpfromBridge’spreviousworth.
LaunchedinAugust,thefirmsaidinastatementthatitsmissionistoaddressthefinancialchallengesposedbylocalcurrenciesinaninterconnectedglobaleconomy.Bridgeaimstoovercometheseobstaclesbyleveragingstablecoins,whichofferfaster,moreaffordable,andaccessiblepaymentsolutions.
Stripe’sGrowingCryptoFocus
Stripe,apaymentprocessingplatformthatenablesbusinessestoacceptcredit,debit,andotheronlinepayments,hasbeenaggressivelyexpandingitspresenceinthecryptocurrencyspace.
Justsixmonthsago,theco-founderJohnCollisonannouncedthatthecompanywouldstartsupportingglobalstablecoinpayments.ThismaterializedwhenitintegratedCircle’sUSDCoin(USDC)intoitspaymentinterfacetwoweeksago.
InJune,thepaymentprocessingfirmalsopartneredwithCoinbase.Thisintroducedthreenewfeatures,includingtheintegrationoftheexchange’sBaseLayer2networkintoitscryptopaymentproducts.
StripehasalsointegratedUSDConBaseintoitsfiat-to-cryptoonramp,allowingfasterconversionoffiatfundstocryptoforitsU.S.customers.CoinbasealsoagreedtoincludeStripeasapaymentoptionforcustomersbuyingdigitalassetsthroughitsCoinbaseWallet.
InMarch2024,thecompanyreportedpassing$1trillionintotalpaymentvolumefortheyear,withbusinessesusingtheplatformaccountingforroughly1%ofglobalGDP.
cryptopotato.com