The payment processing company shows its optimism for the future or cryptocurrency
Stripe, the payment processing giant, has made a leap in the crypto space by acquiring the stablecoin platform Bridge in a deal reportedly worth $1.1 billion. This acquisition marks one of the largest in crypto history and is Stripe’s biggest purchase to date, solidifying its position in the expanding digital payments sector.
This deal is done. $1.1b https://t.co/J7ppK4uHw0
— Michael Arrington 🏴☠️ (@arrington) October 20, 2024
Michael Arrington, founder of TechCrunch, shared an X post yesterday, stating that the deal had been completed. Despite this, neither company has officially commented on the acquisition as of yet.
Bridge, founded in 2022 by ex-Coinbase executives Zach Abrams and Sean Yu, is a stablecoin-focused payments network designed to offer an alternative to traditional payment methods like SWIFT and credit cards. The platform allows businesses to create, store, send, and accept stablecoins, which are digital currencies tied to a stable asset, typically the US dollar. The company has drawn comparisons to Stripe itself due to its focus on streamlining payments in the Web3 space.
This acquisition follows a recent expansion by Stripe into the stablecoin realm. Just six months ago, co-founder John Collison announced that Stripe would start supporting global stablecoin payments. True to this statement, earlier in October, Stripe integrated Circle’s USD Coin (USDC) stablecoin into its payment platform, making stablecoin transactions available through its main user interface.
The purchase of Bridge reflects Stripe’s ambition to lead in the rapidly evolving world of cryptocurrency payments. With Bridge’s expertise in stablecoin technology and Stripe’s vast global reach, the deal could pave the way for a future where stablecoins play an even larger role in online transactions.
