Stripe has announced its agreement to acquire the stablecoin platform Bridge in a deal valued at approximately $1.1 billion.
Following rumors of the acquisition last week, Stripe CEO Patrick Collinson and Bridge CEO Zach Abrams confirmed the deal via X. Collinson stated, “Stripe is going to build the world’s best stablecoin infrastructure, and, to that end, we are delighted to welcome @stablecoin to @stripe.”
This acquisition marks a significant return for Stripe into the cryptocurrency space after a six-year absence. In April, the company began allowing merchants to accept stablecoins for online payments. According to Stripe, users from over 70 countries utilized stablecoins for online transactions within the first 24 hours of the launch.
Founded less than three years ago by former Coinbase employee Abrams, Bridge’s platform facilitates the creation, storage, transmission, and reception of stablecoins, including Tether’s USDT and Circle’s USDC. In August, Bridge raised $58 million from prominent investors such as Sequoia, Ribbit, and Index Ventures.
In a statement, Bridge emphasized: “Together, Bridge and Stripe will accelerate the adoption and utility of tokenized dollars, making money easier to move, store, and spend for everyone, all around the world.”