Bridge, a fintech business that specialises in processing payments using stablecoins like Tether’s USDT and Circle’s USDC, has been acquired by Stripe, the US-based payment processing behemoth, in a major development for the cryptocurrency field. TechCrunch founder Michael Arrington verified the $1.1 billion deal, but the firms have not yet released official comments.
The Biggest Crypto Transaction to Date
The acquisition, valued at $1.1 billion, is the largest transaction in the cryptocurrency space to date. This surpasses other significant deals, including as the $200 million purchase of Bitstamp by Robinhood and the $530 million acquisition of Valkyrie Funds by CoinShares. Following a Bloomberg article that stated the firms were in advanced negotiations but that no final decisions had been taken at that time, Stripe announced its acquisition of Bridge. With Arrington’s confirmation, all doubt is now eliminated.
Bridge is a startup that facilitates transactions from more than 70 countries globally and is well-known for allowing companies to accept payments using stablecoins. The company raised $40 million in its most recent Series A fundraising round, increasing its total funding to $58 million. Notably, well-known venture capital firms including Sequoia, Index, Ribbit Capital, and Haun Ventures are among its investors.
Increasing the Crypto Footprint of Stripe
The purchase of Bridge broadens Stripe’s expanding presence in the cryptocurrency space. Stripe, which is currently worth $70 billion, has made progress in the past by allowing cryptocurrency payments for US companies. It is unclear, nonetheless, what its future plans are for Bridge—whether the fintech would function independently or be included into Stripe’s larger platform.
This acquisition is viewed as a calculated step to improve Stripe’s standing in the fiercely competitive stablecoin market. According to reports, other fintech companies like Revolut and Robinhood are considering launching their own stablecoins, indicating the industry’s increasing significance, particularly in light of legal frameworks like the European Union’s Markets in Crypto-Assets Regulation (MiCA).
