Stripe Reportedly Acquires Bridge for $1.1 Billion in Major Crypto Deal

As reported by TechCrunch founder Michael Arrington, Stripe, a leader in the world of payment processing, has paid $1.1 billion to acquire Bridge, a stablecoin platform. Stripe is taking a significant step further in its integration with the cryptocurrency space with this arrangement.

To confirm the acquisition, Arrington posted on X (previously Twitter) on October 20. He said, in essence, “This deal is done.” $1.1 billion. The transaction appears to have been in advanced stages since mid-October, despite the fact that neither business has released an official statement. Although there have been no official announcements, this would be the largest acquisition in Stripe’s history, creating a lot of buzz in the cryptocurrency and payment industries.

Stripe’s Largest Deal and Impact on Crypto

This $1.1 billion acquisition is not just Stripe’s largest deal but also one of the biggest ever in the crypto space. Stripe, headquartered in San Francisco and Dublin, was valued at $70 billion as of July 2023. The company is already a major player in the global payments market, with businesses using Stripe handling around 1% of global GDP this year.

Bridge, founded by former Coinbase executives Zach Abrams and Sean Yu in 2022, operates as a stablecoin payments platform. The company aims to provide an alternative to traditional networks like SWIFT. Bridge allows businesses to create, send, and receive stablecoins, making it a key player in the Web3 financial space. The acquisition highlights Stripe’s ambition to expand its role in the crypto payments industry.

In a strategic move, Stripe had already integrated Circle USD (USDC) stablecoin into its payments platform, and this acquisition reinforces its focus on stablecoin transactions. As the stablecoin market grows, this deal sets the stage for Stripe to become a major force in blockchain payments.