Stripe is buying Bridge, a company that lets businesses process payments in stablecoins, for $1.1 billion. This is good news for Sequoia Capital, a venture capital firm that invested $19 million in Bridge a year ago. They are now expected to make around $100 million from the sale. Sequoia owns 16% of Bridge, and other investors like Ribbit Capital, Bedrock Fund Management, Index Ventures, and Haun Ventures also stand to make big returns.
This big deal shows that even though interest in cryptocurrencies has dropped, there is still money being spent in the sector. In fact, the third quarter of 2024 saw a 20% drop in crypto venture funding. However, Stripe’s interest in Bridge is due to the company’s recent growth, which has seen it hit a $14 million run rate.
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