Payment processing giant Stripe has completed its acquisition of the stablecoin payments platform Bridge for $1.1 billion, according to TechCrunch founder Michael Arrington.
Earlier reports indicated that Stripe had been in talks with the Texas-based Bridge platform, which specializes in stablecoin services, to bolster its crypto offerings. While both companies initially refrained from confirming the deal, Arrington confirmed the acquisition had been finalized in an X post on October 20, 2024.
This deal is done. $1.1b https://t.co/J7ppK4uHw0
— Michael Arrington ????☠️ (@arrington) October 20, 2024
This acquisition underscores Stripe’s strategic focus on expanding its presence in the crypto space. The San Francisco and Dublin-based company, valued at $70 billion as of July, had already made strides in cryptocurrency support. Earlier this year, Stripe reported over $1 trillion in total payment volume for 2023, with its services representing roughly 1% of global GDP.
In recent months, Stripe has rolled out several crypto-related features. In July 2024, the company launched services for European customers, enabling them to purchase Bitcoin, Ethereum, and other cryptocurrencies through Stripe-issued cards. Additionally, a widget was introduced to help online merchants integrate crypto payments and manage transactions while complying with Know Your Customer (KYC) regulations.
Most notably, in October, Stripe partnered with Paxos to offer the “Pay with Crypto” feature, allowing merchants in over 70 countries to accept stablecoin payments settled in fiat currencies. This functionality also provides a seamless refund system, converting fiat back into stablecoins and sending them to the original payment wallets.
Founded in 2022 by former Square and Coinbase executives Zach Abrams and Sean Yu, Bridge has rapidly gained traction in the stablecoin market. It allows businesses to create, store, send, and accept stablecoins, establishing itself as a key player in the Web3 ecosystem. The company secured $58 million in funding earlier this year from investors like Sequoia, Ribbit, and Index Ventures.
In addition to being Stripe’s largest to date, the acquisition also stands out as one of the biggest in cryptocurrency history.
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