Financial technology company Stripe has completed the acquisition of stablecoin platform Bridge for $1.1 billion, marking the largest deal in the cryptocurrency industry to date.

Record $1.1 Billion Deal

TechCrunch founder Michael Arrington revealed the news in a post on X, stating, “This deal is done. $1.1b.” Bridge, co-founded by Sean Yu and Zach Abrams, provides tools for businesses to accept payments in stablecoins, allowing companies to create, store, send, and receive such assets.

Stripe’s Growing Crypto Focus

Stripe is aggressively expanding its presence in the cryptocurrency space. Just six months ago, co-founder John Collison announced that the company would support global stablecoin payments. This materialized with the integration of Circle’s USD Coin (USDC) into Stripe’s payment interface two weeks ago.

Bridge's Role in Stripe's Strategy

Launched in August, Bridge aims to address financial challenges posed by local currencies in the global economy by leveraging stablecoins which offer faster, more affordable, and accessible payment solutions.

The acquisition of Bridge demonstrates Stripe’s commitment to strengthening its position in the cryptocurrency industry and expanding its service offerings with innovative stablecoin technology.