Stripe acquires Bridge for $1.1 billion, expanding its crypto payments capabilities and boosting stablecoin adoption across businesses globally.
Stripe has made its largest acquisition to date, buying stablecoin platform Bridge for $1.1 billion. This deal was confirmed by Michael Arrington, the founder of TechCrunch, on X. The acquisition highlights Stripe’s growing commitment to crypto space and its broader fintech ambitions.
Bridge, founded by Sean Yu and Zach Abrams, focuses on offering software solutions that allow businesses to accept payments in stablecoins. The founders’ backgrounds are in tech. Before Bridge, they sold a Venmo rival known as Evenly to Block in 2013. Abrams also has senior-level experience at Coinbase.
Stripe Expands Crypto Presence with $1.1B Acquisition of Bridge
The deal is a major step up in terms of value for Bridge. Prior to the acquisition, the company had sought $58 million from investors. This ranges from a $40 million Series A round that put the company’s value at $200 million, according to Forbes. Currently, Stripe is buying Bridge for $1.1 billion, which will undoubtedly guarantee the further development of stablecoin payments.
For Stripe, this is a big shift in terms of crypto coverage. The firm was last valued at $70 billion. Earlier this month, Stripe revisited crypto payments for American businesses, allowing USDC payments on Ethereum, Solana, and Polygon. This move also cements Stripe’s place in the new world of crypto.
However, Stripe has been deepening its connections within the crypto industry. In June, the company signed a partnership agreement with Coinbase, which allowed Stripe to incorporate Coinbase’s Base Layer 2 network into its crypto payment processing system. In return, Coinbase agreed to use Stripes for customers who wish to buy crypto directly from Coinbase Wallet.
Stripe’s purchase of Bridge indicates that the fintech behemoth is becoming a major participant in the development of crypto payments. The $1.1 billion deal also shows how quickly the industry is developing. As stablecoins continue gaining adoption as a payment method, Stripe’s acquisition may be a critical point towards the mass adoption of crypto payments.
Lastly, this acquisition is quite a significant step forward for both Stripe and the crypto industry as it continues to expand its market for stablecoins.
