Stripe acquires stablecoin platform Bridge for $1.1 billion

• Stripe has closed a $1.1 billion acquisition of stablecoin agency Bridge.
• The corporate reestablished help for crypto funds in April, including USDC on Ethereum, Solana and Polygon in October 2024.

Stripe has accomplished the acquisition of Bridge, a stablecoin platform that helps corporations and companies settle for funds in stablecoins.

In keeping with TechCrunch founder Michael Arrington, Stripe’s deal for Bridge is valued at $1.1 billion and is the fintech firm’s largest to this point. The TechCrunch founder shared the information through X.

Stripe’s acquisition of Bridge comes after reviews of talks for a deal surfaced final week. This additionally comes after Stripe, which has not too long ago elevated its visibility within the crypto house with latest offers resembling TaxJar and Lemon Squeezy, unveiled its newest crypto-focused function.

The ‘Pay with Crypto’ function, which integrates Paxos, permits corporations so as to add stablecoins to their checkout techniques. It’s a step that has additionally seen a number of different platforms accomplice to deliver stablecoin funds to extra companies.

Stripe companions with Paxos to launch stablecoin funds platform https://t.co/4Zp4Ya4JmN

— CoinJournal (@CoinJournal) October 15, 2024

Stripe had beforehand halted crypto funds in 2018 earlier than making a reentry in April 2024. Stripe additionally partnered with Coinbase to combine Base, a layer-2 community, in June. In July, the fintech expanded its crypto product to the European Union.

The newest milestone noticed Stripe re-introduce crypto funds with USDC on Ethereum, Solana and Polygon.

In the meantime, entrepreneurs Sean Yu and Zach Abrams unveiled Bridge in 2022. The platform raised $58 million from enterprise capital buyers, with $40 million secured throughout a Collection A spherical at a valuation of $200 million.