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Cryptocurrency News Articles
Payments Giant Stripe Acquires Stablecoin Platform Bridge for $1.1B, Setting a Record in the Crypto Industry
Oct 22, 2024 at 02:05 am
Founded by Sean Yu and Zach Abrams, who previously created a Venmo competitor called Evenly, Bridge specializes in providing software solutions that enable businesses to accept payments in stablecoins.
Payments giant Stripe has acquired stablecoin platform Bridge for a staggering $1.1 billion, marking Stripe’s largest acquisition to date and setting a record as the biggest acquisition in the crypto industry, TechCrunch founder Michael Arrington reports.
Founded by Sean Yu and Zach Abrams, who previously created a Venmo competitor called Evenly, Bridge specializes in providing software solutions that enable businesses to accept payments in stablecoins. The acquisition comes as Stripe expands its cryptocurrency initiatives.
Before the deal, Bridge had raised $58 million from investors, including a $40 million Series A round that valued the company at $200 million. The $1.1 billion acquisition price reflects a significant increase in valuation and underscores the growing role of stablecoin technology in the payments industry.
Recently, Stripe re-enabled support for crypto payments in the U.S. using USDC on platforms like Ethereum, Solana, and Polygon. Stripe also announced a partnership with Coinbase in June 2024 to integrate Coinbase’s Base Layer 2 network into its crypto payment offerings. The collaboration will allow Coinbase users to purchase crypto directly through Stripe.
MILESTONE | #Base Surpasses One Million Daily Active Addresses Outpacing the Next Several #Ethereum Layer 2s Combined
At the time of this report, Base has approximately 1.03 million daily active addresses. This represents a 60% increase in daily active addresses since the… pic.twitter.com/BQB7WjDnIt
— BitKE (@BitcoinKE) August 27, 2024
Stripe initially withdrew from the crypto landscape in 2018 due to Bitcoin’s volatility but has now re-entered at a time when cryptocurrencies are gaining more support for mainstream adoption in the United States.
The company announced its return after a six-year hiatus at the Solana Sessions, where Co-Founder John Collinson announced the milestone in April 2024. He addressed the crowd at the event about Stripe’s new instant processing payment solutions, asking the audience, “Are you ready for the new crypto?”
Global Payments Firm, Stripe, Bringing Stablecoin Payments, Adding Crypto Transactions that Settle to Fiat ‘Immediately’ – https://t.co/VwEGfG8432
— Africa Money & DeFi Summit (@AfricaMoneyDefi) May 2, 2024
Bridge offers software that integrates stablecoins into existing payment processes seamlessly using its Orchestration APIs. The platform handles the regulatory, compliance, and technical complexities.
With this acquisition, Stripe not only strengthens its position in the fintech space but also signals a promising future for stablecoin integration in mainstream payment systems.
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