Payment service Stripe has acquired the Web3 company Bridge for $1.1 billion, as announced by TechCrunch founder Michael Arrington.
This deal is done. $1.1b https://t.co/J7ppK4uHw0
— Michael Arrington ?☠️ (@arrington) October 20, 2024
The acquisition will enable Stripe to leverage Bridge’s expertise in seamless cross-border payments in USDT and USDC, providing the fintech company with a competitive edge in the stablecoin market.
Bridge specializes in seamless connections between traditional financial institutions (TradFi) and DeFi platforms. In August, it raised $40 million in its latest Series A funding round from major investors, including Sequoia, Ribbit Capital, Index Ventures, and Haun Ventures, bringing the total investment to $58 million.
Qiao Wang, founder of Alliance DAO, commented on the deal, stating that stablecoin startups have entered a new phase of development with the involvement of major investors.
the $1b acquisition of bridge by stripe signals to vcs that stablecoin startups which were previously underfunded due to lack of early token liquidity now have a more clear path towards big exits. expect more funding and more entrepreneurs building around stablecoins
— qw (@QwQiao) October 20, 2024
“Expect more funding and more entrepreneurs building around stablecoins,” he wrote.
In July 2024, Stripe introduced the ability to purchase Bitcoin, Ethereum, and Solana in the EU.
In September, the service allowed USDC and USDP stablecoins as a payment option at checkout.