Stripe has announced an agreement to acquire the stablecoin platform Bridge in a deal valued at approximately $1.1 billion.
Following takeover rumors last week, Stripe CEO Patrick Collison and Bridge CEO Zach Abrams confirmed on X that the deal is set.
Collison stated, “Stripe is committed to building the world’s best stablecoin infrastructure, and we are thrilled to welcome @stablecoin to @stripe.”
This move marks Stripe’s return to the crypto space after a six-year break. In April, the company began allowing merchants to accept stablecoins for online payments. According to data released by Stripe, individuals from over 70 countries used stablecoins for transactions online within the first 24 hours of the launch.
Founded less than three years ago by former Coinbase employee Abrams, Bridge’s platform focuses on stablecoins and is designed to enable businesses to create, store, send, and receive stablecoins like Tether’s USDT and Circle’s USDC. In August, Bridge raised $58 million from major investors, including Sequoia, Ribbit, and Index Ventures.
In a statement, Bridge said, “Together, Bridge and Stripe will accelerate the adoption and utility of tokenized dollars, making it easier for people worldwide to move, store, and spend money.”
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