Stripe
October 21, 2024
Stripe Unicorn News - October 22, 2024
In a landmark deal, fintech giant Stripe has acquired stablecoin platform Bridge for $1.1 billion, marking its largest acquisition to date. This strategic move enhances Stripe's capabilities in the cryptocurrency payment sector.
() Introduction
() Stripe Unicorn News from Stripe
Stripe, a prominent player in the financial technology sector, has announced its acquisition of Bridge, a stablecoin platform, for $1.1 billion. This acquisition is not only Stripe's largest to date but also the most significant deal in the cryptocurrency industry so far. Bridge, co-founded by Sean Yu and Zach Abrams, is recognized for its advanced software solutions that facilitate stablecoin payments. The acquisition price represents a significant premium over Bridge's $200 million valuation during its Series A funding round. This move is part of Stripe's broader strategy to solidify its leadership in the digital payments market, which was previously valued at $70 billion. Earlier this month, Stripe reintroduced cryptocurrency payment capabilities for U.S. businesses, enabling USDC transactions on Ethereum, Solana, and Polygon networks. The acquisition of Bridge complements Stripe's recent partnership with Coinbase, which involved the integration of the Base layer-2 network into its crypto payment offerings. This acquisition also marks the second successful exit for Bridge's leadership, following the sale of their previous venture, Evenly, to Block in 2013. Zach Abrams, one of Bridge's co-founders, has a background as a senior executive at Coinbase, further aligning this acquisition with Stripe's strategic goals in the digital payments arena.
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