Irish-American fintech firm Stripe has marked crypto’s largest acquisition as it acquires stablecoin platform Bridge for $1.1 billion.
The deal had reportedly been carried out in “advanced stages” from at least October 17. TechCrunch founder Michael Arrington, claimed in a recent X post, “This deal is done. $1.1b.”
This deal is done. $1.1b https://t.co/J7ppK4uHw0
— Michael Arrington 🏴☠️ (@arrington) October 20, 2024
Founded by former Coinbase executives-Sean Yu and Zach Abrams, Bridge provides software tools that help companies accept payments in stablecoins.
Abrams was the Head of Consumer at Coinbase and was the founder of Evenly, a P2P payments firm that was eventually acquired by Square. Yu was engaged in engineering roles at Coinbase, Square, Doordash and Airbnb.
The $1.1 billion valuation is a huge jump from Bridge’s previous valuation at $200 Million that came through after it previously raised $58 million from investors, including a $40 million Series A round.
Stripe, on the other hand, is a payment processing platform that allows businesses to accept credit and debit cards or other payments online and has recently introduced stablecoin payments to 70 countries on its main payments user interface by integrating Circle USD (USDC) stablecoin. It was last valued at $70 billion. In March, Stripe reported it had passed the $1 trillion mark for total payment volume in 2023, with the output of businesses using Stripe amounting to nearly 1% of global gross domestic product.
Also Read: Robinhood announces an official acquisition of Bitstamp
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