Stripe has finalized an agreement to acquire the Bridge platform, marking a major step in enhancing its cryptocurrency services.

Sale of Bridge

The Bridge platform, launched by former Coinbase employees, is set to be sold to Stripe for approximately $1.1 billion. Bridge, which provides an API for companies to accept stablecoins, previously raised $58 million in funding. According to Forbes, negotiations are at an advanced stage, with the deal reported as complete.

Stripe and Cryptocurrency

The growing global interest in cryptocurrencies has led Stripe to allow crypto payments in the EU since July. Companies can accept payments in stablecoins through the 'pay with crypto' feature. Competition with PayPal drives Stripe to act, making the acquisition of Bridge a strategic move.

Impact and Future of Technology

Banks have started offering custody and trading services for cryptocurrencies, aiming to stand out in the competitive market. Cryptocurrencies have risen to new heights, and the next phase involves integrating DeFi with traditional finance. Stripe views the acquisition of Bridge as a smart move towards the future.

The acquisition of Bridge will be a significant step for Stripe in cryptocurrency services, opening up new opportunities and strengthening its market position.