Stripe has confirmed that it has agreed to acquire stablecoin platform Bridge in a deal valued at approximately $1.1 billion.
editorial
This content is selected, created, and edited by the Finextra editorial team based on community relevance and interest.
Following last week’s acquisition rumors, Stripe CEO Patrick Collinson and Bridge CEO Zach Abrams informed Company X that the deal was done.
“Stripe intends to build the world’s best stablecoin infrastructure, and we’re excited to welcome @stablecoin to @Stripe,” said Collinson.
The move confirms payments giant Stripe’s return to cryptocurrencies in full force after a six-year hiatus. In April, it began allowing merchants to accept stablecoins for online payments. According to figures released by the company, individuals from over 70 countries used the stablecoin for online transactions within the first 24 hours of launch.
Founded less than three years ago by former Coinbase staffer Abrams, Bridge’s stablecoin-focused platform allows businesses to create, store, send, and receive stablecoins (Tether’s USDT and Circle’s USDC). It is designed to be possible. The company raised $58 million in August from major investors including Sequoia, Ribbit, and Index Ventures.
“Together, Bridge and Stripe will accelerate the adoption and utility of tokenized dollars, making it easier for everyone around the world to move, store and spend money,” Bridge said in a statement. said.
