- Stripe’s $1.1B Bridge acquisition is its largest ever, boosting its stablecoin payment capabilities.
- Bridge founders, seasoned in crypto, bring Stripe expertise as it expands its digital payment ecosystem.
- Stripe’s strategic move with Bridge solidifies its position as a leader in stablecoin and crypto payments.
Stripe purchased the stablecoin platform Bridge for $1.1 billion. TechCrunch founder Michael Arrington confirmed this deal on X, signaling a major expansion of Stripe’s crypto payment capabilities.
Largest Crypto Acquisition to Date
The $1.1 billion purchase is not only the biggest deal for Stripe, but also the biggest in cryptocurrency history. That purchase shows Stripe’s ambition to make a big footprint in cryptocurrency space. Using Bridge’s software and expertise, Stripe can further grow its services to seize on the growing need for stablecoin transactions.
Background on Bridge and Its Founders
Bridge was founded by entrepreneurs Sean Yu and Zach Abrams. The company specializes in software that enables businesses to accept payments in stablecoins.
Yu and Abrams have a history of success, having previously sold a Venmo competitor, Evenly, to Block back in 2013. Abrams also brings extensive industry experience from his time as a senior employee at Coinbase, a major player in the cryptocurrency market.
Bridge had raised $58 million in funding before acquisition. According to Forbes, a Series A funding round raised $40 million and valued the company at $200 million. This increase demonstrates the significant role that Bridge plays in Stripe’s growing crypto network.
Stripe’s Strategic Moves in the Crypto Space
Stripe has been developing its cryptocurrency services. Last month, the company re-launched its USDC stablecoin crypto payments on Ethereum, Solana, and Polygon networks to U.S. businesses.
Additionally, Stripe partnered with Coinbase in June. This collaboration saw Stripe integrate Coinbase’s Base Layer 2 network into its products, while Coinbase agreed to incorporate Stripe as a payment method within its Coinbase Wallet.
The post Stripe Secures Largest Crypto Deal with $1.1 Billion Acquisition of Stablecoin Platform Bridge appeared first on Crypto News Land.
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