Stripe Acquires Bridge for $1.1 Billion

Fintech company Stripe has completed the largest deal in the crypto industry, acquiring the stablecoin platform Bridge for $1.1 billion. This was reported by TechCrunch founder Michael Arrington.

Founded in 2022 by former Coinbase executives Zach Abramson and Sean Yu, Bridge simplifies the creation, transfer, and storage of stablecoins. The deal was made possible by a $40 million funding round conducted in August when Bridge’s market capitalization was only $200 million. Consequently, the purchase price significantly exceeds the company’s previous valuation.

For Stripe, this acquisition marks a step in expanding its crypto services. The company, which has a market capitalization of $70 billion, began processing payments in the stablecoin USDC for U.S. companies at the beginning of October. In June, Stripe also partnered with Coinbase, integrating the Base Layer 2 network for crypto payments.