Diving overview:
Payments software giant Stripe plans to acquire stablecoin platform Bridge, executives from both companies confirmed on Monday through separate statements posted on social media platform X. A Stripe spokesperson would not confirm the amount of the deal, which was reported last week that Stripe is considering paying $1.1 billion to acquire Bridge, or when the deal might close. The payments company, with headquarters in San Francisco and Dublin, will acquire San Antonio, Texas-based Bridge to simplify the movement of funds across borders, Stripe CEO Patrick Collison said in a post on X. Ta. “The world will benefit from significant speed, coverage, and cost improvements in the coming years,” Collison wrote.
Dive Insight:
Bridge helps businesses accept payments and move funds between countries using stablecoins (cryptocurrencies tied to the value of traditional currencies such as the US dollar). CEO Zack Abrams said the company will grow exponentially in 2024.
“Our business has grown more than 10 times this year,” he said in a post to X.
Neither company would comment on the timeline of the deal. A Stripe spokesperson declined to comment beyond what was stated in X. Abrams and Bridge co-founder Sean Yu did not respond to messages on LinkedIn. According to TechCrunch, the two are former employees of cryptocurrency exchange Coinbase.
According to cryptocurrency news site CoinDesk, Bridge’s customers include Coinbase and Space X. The company aims to be the third version of Stripe for the Web, acquiring Lemon Squeezy, a Salt Lake City-based startup that provides merchants with services such as tax compliance, subscription management, and fraud prevention.
