Stripe plans to acquire stablecoin payment platform Bridge.
Stripe CEO Patrick Collison and Bridge CEO Zach Abrams announced the plan in separate posts on social platform X on Monday (October 21).
Bridge said in an article published in X that the companies expect the transaction to close within the next few months, subject to closing conditions.
https://t.co/Jtop2ZLNUp
— Bridge (@Stablecoin) October 21, 2024
Collison said in the post that the move is part of Stripe’s plan to “build the world’s best stablecoin infrastructure.”
Stablecoins are room temperature superconductors for financial services. Thanks to stablecoins, businesses around the world will benefit from significant improvements in speed, coverage, and cost in the coming years. Stripe builds the world’s best stablecoin… https://t.co/6yKi7OKXVT
— Patrick Collison (@patrickc) October 21, 2024
“Stablecoins are room temperature superconductors for financial services,” Collison said in the post. “Thanks to stablecoins, businesses around the world will benefit from significant improvements in speed, coverage, and cost in the coming years.”
Abrams said in the post that the acquisition will allow Bridge & Stripes to “solve bigger problems, support more developers, and help more consumers and businesses around the world.” It will become.”
Bridge partners with Stripe!
I’m incredibly excited
We started 2 and a half years ago and have done a lot since then 🙂 We plan to do a lot more in the next few years. While this is an important milestone, we are only at the beginning of the bridge journey.
we…
— Zack (@zcabrams) October 21, 2024
Bridge moves “billions of dollars” in payment volume, has grown 10x this year, and is helping hundreds of developers build stablecoin-enabled financial products for a variety of use cases Abrams said.
“We built Bridge to solve the most vexing global financial problems. To advance a more connected world. To give everyone more financial choice,” Abrams said. I mentioned it in the post. “We are excited to be working with Stripe to fully realize these ambitions.”
On Friday (October 18), it was reported that Stripe is in talks to acquire Bridge in order to move deeper into stablecoins. The company has been actively investing in the cryptocurrency space.
Stripe announced on October 10 that in the first 24 hours after allowing merchants to accept stablecoin payments for online transactions on its platform, customers in more than 70 countries made purchases with that form of payment. Announced.
As for Bridge, it was reported on August 30th that the company had raised $40 million to support its efforts to build a stablecoin-based payments platform designed to simplify the movement of funds globally. Ta.
Sequoia said in an Aug. 29 blog post that it led Bridge’s Series A funding round, adding that the company is “leading the next wave of payments innovation.”
“Because Bridge is built on blockchain, it works 24/7 in nearly every country and costs just 10% of traditional foreign exchange rails,” Sequoia said in the post. Masu.
