Stripe makes a major acquisition in the crypto industry by buying the stablecoin platform Bridge for $1.1 billion.

Deal Details

According to reports, Stripe aims to facilitate stablecoin payments with Bridge's software tools. Bridge, founded in 2022 by Sean Yu and Zach Abrams, provides a platform for stablecoin transactions. As of July 2023, Stripe was valued at $70 billion, emphasizing its commitment to enhancing its crypto payment offerings.

Bridge Platform and Innovations

Bridge was developed to compete with systems like SWIFT and traditional credit cards, offering lower fees and faster transactions. Founded by Sean Yu and Zach Abrams, Bridge allows businesses to handle stablecoins. Before Bridge, Yu and Abrams created Evenly, acquired by Block in 2013. Abrams held a senior role at Coinbase, while Yu worked at companies such as Coinbase, Square, DoorDash, and Airbnb.

Stripe's Progress in Digital Currencies

Stripe has been a leader in payment processing and continues to introduce new crypto solutions. In 2023, Stripe surpassed $1 trillion in payment volume. Recently, co-founder John Collison announced global stablecoin payment support, and the company began integrating USDC transactions.

With the acquisition of Bridge for $1.1 billion, Stripe is strengthening its position in the crypto industry and continues to develop digital payment solutions to meet the growing demand for cryptocurrency services.