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Fintech Giant Stripe Makes Its Largest Acquisition in the Crypto World
Fintech giant Stripe has made its largest acquisition to date in the crypto space by purchasing the stablecoin platform Bridge for $1.1 billion.
The announcement was made by Michael Arrington, founder of TechCrunch, on the X platform, revealing that Stripe acquired Bridge for $1.1 billion.
Bridge had previously raised $58 million in funding and was estimated to be valued at $200 million. However, Stripe’s acquisition has significantly increased the platform’s value to $1.1 billion. This not only marks Stripe’s largest acquisition ever but also represents a historic move in the crypto world.
Bridge is a platform that provides software tools enabling companies to accept payments in stablecoins. The founders of Bridge, Sean Yu and Zach Abrams, previously sold a payment solution called Evenly, a competitor to Venmo, to Block in 2013. Zach Abrams also held a senior position at Coinbase.
Stripe continues to grow rapidly in the realm of crypto payments. Last month, the company integrated the Ethereum, Solana, and Polygon networks to allow U.S. businesses to make payments in USDC. In June, Stripe partnered with Coinbase to incorporate Coinbase’s Base Layer 2 network into its payment systems.
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