Fintech giant Stripe has completed its largest acquisition ever by purchasing the stablecoin platform Bridge for $1.1 billion, as announced by TechCrunch founder Michael Arrington. This deal represents the most substantial transaction in the history of the crypto industry.
Bridge, co-founded by entrepreneurs Sean Yu and Zach Abrams, offers software tools that enable companies to accept payments in stablecoins. Before launching Bridge, the founders successfully sold their Venmo competitor, Evenly, to Block in 2013. Abrams also has experience as a senior employee at Coinbase.
The $1.1 billion deal represents a significant increase in Bridge’s valuation, which stood at $200 million after a $40 million Series A round. The acquisition underscores Stripe’s strategic push into the cryptocurrency sector as it aims to expand its payment capabilities.
Stripe, last valued at $70 billion, recently reintroduced crypto payments for U.S. businesses using USDC on Ethereum, Solana, and Polygon. Additionally, the company formed a partnership with Coinbase in June, integrating Coinbase’s Base Layer 2 network into its crypto payment products.
This acquisition signals Stripe’s continued commitment to driving innovation in digital payments and further solidifies its position as a leader in the fintech space.
