Stripe Completes $1.1B Purchase of Stablecoin Company Bridge
Payments giant Stripe is acquiring the stablecoin platform Bridge to enhance its cryptocurrency capabilities, marking a significant move in the blockchain space.
Stripe has officially finalized its acquisition of the stablecoin platform Bridge for $1.1 billion, as first revealed in a recent post by TechCrunch founder Michael Arrington on X. This deal has been confirmed by both Stripe and Bridge.
Bridge, which raised $54 million in previous funding rounds, aims to function similarly to Stripe but within the blockchain ecosystem, enabling integration for other developers. Founded by Zach Abrams and Sean Yu, both of whom have backgrounds with Square and Coinbase, Bridge serves clients including SpaceX and Coinbase.
In conjunction with this acquisition, Stripe is looking to enhance its offerings related to cryptocurrency, exploring collaborations with Circle to incorporate its USDC stablecoin for online and in-person payments. While CoinDesk reached out for comments from both companies, no response has been received at the time of publication.
Related Articles
Updated at 14:40 UTC on October 21. Confirmation has been added from the two companies involved, along with a statement from Stripe's CEO, Patrick Collison.
