The dollar was headed for its third weekly gain in a row on Friday, helped by a dovish European Central Bank and strong U.S. data that is pushing out expectations…
- Payments company Stripe has acquired stablecoin platform Bridge in a $1.1 billion deal, according to TechCrunch founder Michael Arrington.
- Stripe’s largest acquisition to date, and the largest acquisition in the crypto industry’s history, Bridge had raised $58 million from investors and was previously valued at $200 million.
- Bridge offers software that helps businesses accept payments in stablecoins and signals an expansion of Stripe’s crypto adoption efforts.
Fintech company Stripe has finalized its largest acquisition to date, snapping up stablecoin platform Bridge in a deal valued at $1.1 billion, according to a post on X from TechCrunch founder Michael Arrington.
Bridge, founded by entrepreneurs Sean Yu and Zach Abrams (no relation to this reporter), provides software tools that help companies accept payments in stablecoins. The founders had previously sold a Venmo competitor called Evenly to Block in 2013; Abrams is also a former senior Coinbase employee.
Bridge had previously raised $58 million from investors, including a $40 million Series A round that valued the company at $200 million, according to Forbes. The $1.1 billion price tag therefore represents a large jump from the company’s prior valuation, and Stripe’s largest acquisition in its corporate history.
Stripe, which was last valued at $70 billion, reinstated crypto payments for US businesses via USDC on Ethereum, Solana and Polygon earlier this month, The Block previously reported. Stripe also inked a partnership with Coinbase in June which saw the startup incorporate Coinbase’s Base Layer 2 network into its crypto payment products, while Coinbase pledged to add Stripe as a way for its customers to buy crypto within its Coinbase Wallet.
The $1.1 billion purchase represents the crypto industry’s largest acquisition deal to date.
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News Cited from [The Block.co] – Report by Zack Abrams
