Irish-American fintech company Stripe has acquired stablecoin platform Bridge for $1.1 billion, marking the crypto industry’s largest acquisition.
The deal has reportedly been in an “advanced stage” since at least October 17th. TechCrunch founder Michael Arrington argued in a recent X post: 1.1 billion dollars. ”
This transaction has been completed. $1.1 billion https://t.co/J7ppK4uHw0
— Michael Arrington 🏴☠️ (@arrington) October 20, 2024
Founded by former Coinbase executives Sean Yu and Zach Abrams, Bridge provides software tools to help businesses accept stablecoin payments.
Abrams was head of consumer at Coinbase and founder of Evenly, a P2P payments company that was eventually acquired by Square. Yu worked in engineering roles at Coinbase, Square, Doordash, and Airbnb.
The $1.1 billion valuation is a significant increase from Bridge’s previous valuation of $200 million, which came after raising $58 million from investors, including a $40 million Series A round.
Stripe, on the other hand, is a payment processing platform that allows businesses to accept credit and debit cards and other payments online, and recently added support for major payments by integrating the Circle USD (USDC) stablecoin. We introduced stablecoin payments in our user interface to 70 countries. The last valuation was $70 billion. Stripe reported in March that total payments volume will exceed the $1 trillion threshold in 2023, and the output of businesses using Stripe will reach nearly 1% of the world’s gross domestic product.
Also read: Robinhood announces official acquisition of Bitstamp
