-- The founder of Techcrunch has announced that Stripe has finalized a deal to buy Bridge.
-- The startup was valued at $1.1 billion.
-- According to media estimates, this is the largest deal in Stripe's history.

Fintech firm Stripe has finalized a deal to buy payment infrastructure provider #bridge for $1.1 billion, Michael Arrington, founder of Techcrunch portal, said.

This was first reported by #Forbes magazine on October 17, 2024. The note says that several sources named the amount of the agreement at around $1 billion.

At the time, the deal was allegedly in the discussion stage. One of the obstacles was the issue of compensating Bridge co-founders Zach Abrams and Sean Yu.

At the end of August 2024, the startup raised $58 million. At the time, the company's valuation was $200 million. If the deal is confirmed, it would mark a significant increase in the value of the project in an extremely short period of time.

Neither Bridge nor Stripe had commented on the agreement at the time of writing.

According to Forbes, the purchase of the startup could be the largest deal in history for #Stripe . Recall, the fintech firm suspended crypto transaction processing in 2018, but will return to the market in April 2024.

Bridge, in turn, is an infrastructure provider for accepting payments in #Stablecoins . Forbes suggested that buying this firm would allow Stripe to “go deeper into the sector.”
#UptoberBTC70K?

According to TechCrunch founder Michael Arrington, Stripe has finalized negotiations to acquire the stablecoin platform Bridge for $1.1 billion, after initially being discussed for $1 billion. 
Bridge first announced its investment from 1confirmation in 2022 and, in August 2024, raised $58 million at a $200 million valuation from Haun Ventures, Sequoia Capital, Ribbit Capital, and Index Ventures. 
This acquisition marks the largest known deal in the crypto industry to date, surpassing Galaxy Digital’s attempted $1.2 billion acquisition of BitGo, which ultimately fell through.
This acquisition marks the largest completed deal in the crypto industry to date. Previously, the largest known acquisition attempt was Galaxy Digital’s $1.2 billion bid for BitGo, but that deal was never finalized.
Unveiling Bridge
It’s hard to imagine how Bridge, a stablecoin platform, could fetch such a high acquisition price based solely on social media buzz. However, upon closer inspection, Bridge’s potential becomes evident.
Co-founded by Zach Abrams and Sean Yu, Bridge helps businesses accept stablecoin payments through a suite of tools like APIs, enabling seamless conversion between fiat and stablecoins, cross-border payments, and even allowing companies to issue their own stablecoins.

Compared to traditional systems like SWIFT, Bridge offers faster, cheaper, and more transparent transactions. Since its launch, Bridge has processed over $5 billion annually.
Broad Recognition
“If only one stablecoin existed on a single blockchain, there would be no need for Bridge. Its value lies in enabling seamless conversion between fiat and stablecoins, and facilitating movement across different blockchains,” said Chris Ahn, partner at Haun Ventures, in an interview with Fortune.
Matt Huang, co-founder of Paradigm, commented on X, saying, “Stablecoins are the next killer app in crypto. It’s obvious to everyone in the space, though less so to outsiders. Congratulations to Stripe and Bridge.”
Shaun Maguire and Josephine Chen from Sequoia Capital, in their article Partnering with Bridge: A Better Way to Move Money, highlighted the impressive active user base and transaction volume in the stablecoin market. They recognized Bridge’s significant advantages over traditional payment systems, including the enthusiasm and insight of the team. Additionally, they emphasized the project’s maturity in regulatory compliance, further solidifying its position as a leading player in the payment solutions space.

#acquisition #bridge #Stripe #WikiBitnews

LayerZero is a protocol designed to facilitate interoperability between different blockchain networks.

👉 What is LayerZero?
LayerZero is an omnichain interoperability protocol that aims to enable seamless communication between various blockchain networks. It is designed to provide a unified and standardized method for applications to interact across different blockchains, overcoming the limitations of isolated blockchain ecosystems.

👉 Key Features of LayerZero:

1. Unified Messaging Layer:
- LayerZero provides a single messaging layer that allows for cross-chain communication. This means that applications can send messages and data across different blockchains using a standardized protocol.

2. Omnichain DeFi:
- By enabling interoperability, LayerZero facilitates the creation of decentralized finance (DeFi) applications that can operate across multiple blockchains. This expands the potential user base and liquidity for these applications.

3. Security and Decentralization
- LayerZero employs a security model that combines the strengths of both on-chain and off-chain systems. It uses relayers and oracles to verify and transmit messages, ensuring that cross-chain operations are secure and decentralized.

4. Cross-Chain Swaps
- With LayerZero, users can perform cross-chain swaps directly, allowing them to exchange assets between different blockchains without relying on centralized exchanges.

5. Developer-Friendly
- LayerZero provides tools and SDKs to make it easier for developers to integrate cross-chain functionality into their applications. This helps accelerate the adoption and implementation of interoperable solutions.

👉 How Does LayerZero Work?
LayerZero operates through a combination of on-chain and off-chain components:

1. On-Chain Endpoints
- These are the smart contracts deployed on each blockchain that participate in the LayerZero network. They are responsible for sending and receiving messages.

2. Relayers
- Relayers are off-chain entities that monitor the blockchain for outgoing messages from the on-chain endpoints. They submit proofs to the destination chain’s endpoint to verify that a message has been sent.

3. Oracles
- Oracles provide the necessary data to verify the authenticity of cross-chain messages. They work alongside relayers to ensure that the data being transferred is accurate and secure.

4. User Application
- Developers integrate LayerZero into their applications, allowing them to initiate cross-chain operations. Users interact with these applications just like they would with any other decentralized application (dApp).

👉 Use Cases of LayerZero:

1. Cross-Chain DeFi
- LayerZero enables DeFi platforms to interact across multiple blockchains, enhancing liquidity and accessibility.

2. NFT Transfers
- Non-fungible tokens (NFTs) can be moved across different blockchains, increasing their utility and market reach.

3. Interoperable dApps
- Developers can create decentralized applications that leverage the unique features of multiple blockchains, providing more robust and versatile solutions.

4. Token Bridges
- LayerZero can be used to create token bridges that allow for the transfer of assets between blockchains without centralized intermediaries.

LayerZero represents a significant advancement in blockchain interoperability, providing a secure and efficient way for different blockchain networks to communicate and interact. This has the potential to drive the next wave of innovation in the blockchain space, fostering greater connectivity and collaboration between various blockchain ecosystems.

#LayerZero #bridge