Stripe has made its largest acquisition in history by purchasing the Bridge platform for $1.1 billion. This deal is the largest in crypto industry history and highlights Stripe's efforts to expand its cryptocurrency capabilities.
Deal Details
Fintech company Stripe has completed the purchase of Bridge for $1.1 billion, marking its largest deal to date. Bridge, previously valued at $200 million, significantly increased its valuation since its last investment round, where it raised $58 million. The deal also represents the largest acquisition in crypto industry history.
About Bridge Platform
Bridge founders Sean Yu and Zach Abrams, previously developed a company called Evenly, which they sold to Block in 2013. Bridge offers programs that simplify the acceptance of stablecoins as payment for businesses. Zach Abrams also served as a senior employee at Coinbase.
Strategic Significance for Stripe
This acquisition will strengthen Stripe's position in the crypto space and allow the company to offer clients more options for using stablecoins. Previously, Stripe integrated Coinbase's Crypto Layer 2 and implemented support for payments via USDC on Ethereum, Solana, and Polygon platforms.
The acquisition of Bridge reinforces Stripe's ambition to lead in the field of cryptocurrency payments by providing clients with innovative tools and solutions.
