Stripe, the global payment processing giant, has reportedly acquired stablecoin platform Bridge for $1.1 billion, according to TechCrunch founder Michael Arrington. While the deal has not been officially confirmed by either company, it is poised to become one of the largest acquisitions in the crypto space.
Stripe’s Big Move Into Stablecoins
Arrington announced the acquisition on Oct. 20 via X (formerly Twitter), stating, “This deal is done. $1.1b.” However, no further details were provided, and both Stripe and Bridge have yet to make public statements regarding the transaction. Sources within Stripe have hinted that the deal is not yet finalized but declined to speak on the record.
If the deal proceeds, it will mark Stripe’s biggest acquisition to date and one of the most significant transactions in the cryptocurrency industry. Stripe, valued at $70 billion as of July 2023, continues to solidify its position as a leader in the payments industry.
Stripe’s Growing Interest in Stablecoins
In March 2023, Stripe surpassed $1 trillion in total payment volume, with businesses using its platform contributing roughly 1% to global GDP. The acquisition aligns with Stripe’s growing focus on stablecoins. Just six months ago, Stripe co-founder John Collison announced plans to support global stablecoin payments, and earlier this month, Stripe integrated Circle’s USDC stablecoin into its payment interface.
This move further solidifies Stripe’s commitment to embracing digital currencies as a significant part of its future payment processing services.
What is Bridge?
Bridge, founded in 2022 by former Coinbase executives Zach Abrams and Sean Yu, is a stablecoin-based payments network designed to rival traditional systems like SWIFT and credit card networks. The platform enables businesses to create, store, send, and accept stablecoins, which are often seen as a Web3 alternative to Stripe’s existing services.
Bridge secured $58 million in funding earlier this year from prominent investors such as Sequoia, Ribbit, and Index Ventures. The company’s innovative approach to payments has drawn significant attention in the fintech and cryptocurrency spaces, making it a highly attractive acquisition target.
