Payments giant Stripe is reportedly in talks with Texas-based stablecoin payments platform Bridge to enhance its range of cryptocurrency services. According to a recent Bloomberg report, the discussions are still ongoing. However, no official agreement has been reached, and both companies have remained tight-lipped about the potential deal.
If Stripe acquires Bridge, it will significantly expand its presence in the cryptocurrency market. This move aligns with the company’s broader strategy to integrate more crypto services into its offerings.
Stripe President John Collison emphasized this direction during a speech in April 2024, recalling the company’s earlier foray into Bitcoin in 2018, which was later abandoned due to low user demand. However, Stripe has since evolved its stance on digital assets.
In July 2024, Stripe launched cryptocurrency services for its European customers, allowing them to purchase Bitcoin, Ethereum, and other cryptocurrencies using Stripe-issued cards. The company also introduced a widget that enables online vendors to incorporate crypto purchasing options, manage transactions, and ensure compliance with Know Your Customer (KYC) regulations.
Most recently, in October, Stripe teamed up with stablecoin issuer Paxos to launch the “Pay with Crypto” feature. This service allows merchants in over 70 countries to accept stablecoin payments, which are settled as fiat currency. Additionally, merchants can issue refunds by converting fiat back into stablecoins and sending them to the original payment wallet.
Bridge, founded in 2022 by former Square and Coinbase executives Zach Abrams and Sean Yu, specializes in stablecoin payments. It enables customers to accept, send, and settle funds using its proprietary stablecoin. In August, the company secured $40 million in funding led by Sequoia and Ribbit, bringing its total funding to $58 million.
Meanwhile, this potential partnership between Stripe and Bridge is part of a broader trend of crypto-related collaborations in the financial sector. For example, Boerse Stuttgart Digital recently teamed up with Amazon Web Services (AWS) to enhance its cryptocurrency services for European financial institutions, reflecting rising demand for scalable crypto solutions.
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