In a landmark move for the crypto industry, payments giant Stripe has acquired stablecoin platform Bridge for $1.1 billion, as reported by TechCrunch founder, Michael Arrington. This acquisition marks Stripe’s largest to date and sets a record as the biggest in the crypto industry.
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. This acquisition is a clear indication of Stripe’s commitment to expanding its cryptocurrency initiatives.
Before this deal, Bridge had successfully raised $58 million from various investors, including a notable $40 million Series A round that set its valuation at $200 million. The impressive $1.1 billion acquisition price reflects a significant leap in valuation and highlights the growing importance of stablecoin technology in the payments landscape.
Recently, Stripe reinstated support for crypto payments in the U.S. using USDC on platforms like Ethereum, Solana, and Polygon. Additionally, Stripe forged a partnership with Coinbase in June 2024, allowing integration of Coinbase’s Base Layer 2 network into its crypto payment offerings. This collaboration will also enable 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 stepped back from the crypto landscape in 2018 due to Bitcoin’s volatility, but has now reentered at a pivotal moment when cryptocurrencies are gaining significant support for mainstream adoption in the United States.
The company announced its comeback after a six-year hiatus during the Solana Sessions, with Co-Founder, John Collinson, celebrating this milestone in April 2024. He engaged the audience with an overview of Stripe’s new instant processing payment solutions, asking, “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 seamlessly integrates stablecoins into your existing payment processes using its Orchestration APIs. The platform takes care of all regulatory, compliance, and technical complexities.
With this acquisition, Stripe not only strengthens its position in the fintech space but also signals a robust future for stablecoin integration in mainstream payment systems.
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