TechCrunch founder Michael Arrington said payments giant Stripe has completed its acquisition of stablecoin startup Bridge.
In a post by X referring to reports about Stripe’s acquisition talks for Bridge, executives at the tech publication say the $1.1 billion acquisition of Bridge is a done deal.
A report from Bloomberg last week indicated that Stripe is in talks to acquire a stablecoin company. The stablecoin company offers products that allow businesses to use the top stablecoins USDT and USDC to send and receive payments.
According to the report, Bridge has raised $58 million in startup funding from investors including Sequoia and Haun Ventures, a crypto-focused venture capital firm founded three years ago by former Coinbase director Katie Horne. It is said that they have procured it. Bridge has raised $40 million in its latest Series A round led by Sequoia.
Stripe’s acquisition of Bridge comes just over a week after the payments company announced it would offer global support for merchant payments using the USDC stablecoin on two Layer 1 blockchains and one Layer 2 solution. It was done.
Jeff Weinstein, Stripe’s head of product, said at the time:
“Okay, Stripe cryptocurrency is officially back!
Accept stablecoins from over 150 countries
Buyers pay in USDC (via Ethereum, Solana, Polygon)
You receive USD as a US company
Works with checkouts, elements, or payment intents (and soon subscriptions).
We’re currently rolling this out to hundreds of thousands of businesses in the U.S. (and then in many more countries). ”
Stripe’s initial efforts to support cryptocurrency payments began with Bitcoin, but that effort ended in 2018 due to BTC’s lack of utility as a payment method.
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