Fintech giant Stripe has acquired stablecoin platform Bridge for $1.1 billion, according to TechCrunch founder Michael Arrington.
Fintech giant Stripe has acquired stablecoin platform Bridge for $1.1 billion, according to TechCrunch founder Michael Arrington. This makes it Stripe’s largest acquisition ever, and the most valuable deal in the cryptocurrency industry so far.
Founded by seasoned entrepreneurs Sean Yu and Zach Abrams, Bridge has become one of the key software solution providers enabling enterprises to process stablecoin payments.
This acquisition is an extraordinary return for Bridge investors at a price that reflects substantial premiums from the $200 million valuation the company attained during its Series A funding round when it raised $40 million out of its total $58 million in venture capital.
The strategic deal coincides with the company's latest expansion into cryptocurrency services. The company brought back cryptocurrency payment functionality for businesses in the U.S. earlier this month, supporting USDC transactions on multiple blockchain networks, including Ethereum, Solana and Polygon.
The acquisition also follows Stripe’s partnership with Coinbase in June, wherein Stripe integrated the Base layer-2 network into its crypto payment offering and established itself as a payment method within Coinbase Wallet.
The deal marks Stripe's ambition to expand its digital payment infrastructure from an already strong market-leading position that had valued it at $70 billion. For the leadership team at Bridge, this marks the second exit after their earlier company Evenly, a Venmo rival, was also sold to Block back in 2013. Notably, the co-founder of Bridge, Zach Abrams, was a senior executive at Coinbase.
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