Stripe has sealed a $1.1 billion deal to acquire stablecoin platform Bridge.
Why should you pay attention?
- This marks Stripe’s highest funded deal to date
- Alongside, it is also the largest acquisition in the history of the crypto industry
- Bridge has amassed $58 million from investors
- It was last valued at $200 million
- Investors include 1confirmation, Bedrock, Haun Ventures, Index Ventures, Oak HC/FT and Ribbit
- Bridge helps businesses accept stablecoin payments via its software
- It has processed more than $5 billion in annualized payment volume
- Government agencies and top companies including the US State Department, the US Treasury, SpaceX and Coinbase are its customers
- The latest deal is a testament to Stripe’s crypto adoption efforts
- Stripe, on its part, is valued at $70 billion
Other related tangents
- The founders of Bridge — Sean Yu and Zach Abrams — sold Venmo competitor Evenly to Block a decade back
- Abrams has also worked with Coinbase before
Who said what?
- TechCrunch founder Michael Arrington revealed on X [formerly Twitter] that the “deal is done”
- Coinbase executives Brian Armstrong and Emilie Choi congratulated the Bridge team and exclaimed that the deal was “well deserved”
Zooming out
- Stripe has been rapidly making advancements within the crypto arena
- Earlier this year, the fintech company enabled crypto purchase via debit, credit cards for EU Users
- This move not only marked the company’s expansion into the European market but also seemed to be in sync to foster mass adoption
- Earlier this year, Stripe also tied up with Coinbase to incorporate Base into its crypto payout products
- Coinbase retrospectively added Stripe as a way for its customers to buy crypto with credit cards or Apple Pay inside the Coinbase Wallet
