The news was confirmed today by TechCrunch founder Michael Arrington on X following days of reports that the historic deal was close.
This deal is done. $1.1b https://t.co/J7ppK4uHw0
— Michael Arrington 🏴☠️ (@arrington) October 20, 2024
Bridge, which provides software tools that help companies accept payments in stablecoins, had previously raised US$58 million from investors and was valued at US$200 million. Stripe’s acquisition hugely boosts its prior valuation and marks the largest acquisition in the history of the crypto industry.
Bridge’s founders, Sean Yu and Zach Abrams, come across with considerable fintech experience, having sold their previous venture, Evenly, to Block (formerly Square). Bridge’s platform enables businesses to process payments using stablecoins, a move that aligns with Stripe’s increasing focus on cryptocurrency.
Earlier this month, the American/Irish payments platform reinstated crypto payments for US businesses via stablecoins such as USDC, supporting networks like Ethereum, Solana, and Polygon.
The acquisition also follows Stripe’s recent partnership with Coinbase, which integrated Stripe into its payment systems, furthering Stripe’s crypto adoption strategy.
