According to TechCrunch founder Michael Arrington, Stripe, the fintech giant, has acquired the stablecoin payment platform Bridge in a landmark $1.1 billion deal. This acquisition stands as Stripe’s largest to date and sets a new valuation benchmark within the cryptocurrency sector.
Bridge, founded by experienced entrepreneurs Sean Yu and Zach Abrams, is a prominent provider of software for stablecoin payment processing, a fast-growing area in fintech. The acquisition provides a significant return for Bridge’s investors, with the company’s valuation surging from $200 million after its Series A funding to over $1 billion through this deal. The funding round had previously raised $40 million of the company’s $58 million total venture capital.
The strategic acquisition aligns with Stripe’s expansion into digital currency services, following its recent reinstatement of cryptocurrency payment options for U.S. businesses. Stripe has introduced support for USDC stablecoin transactions on blockchain networks, including Ethereum, Solana, and Polygon, and it partnered with Coinbase in June to integrate the Base layer-2 network into its crypto offerings. This acquisition solidified Stripe’s ambitions in digital finance as the company continued to enhance its market position, which had it valued at $70 billion.
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