US-Ireland-based fintech company Stripe has reportedly acquired the stablecoin platform Bridge for $1.1 billion, making it the biggest acquisition deal in the cryptocurrency sector.
Michael Arrington, the founder of TechCrunch posted on X (formerly Twitter) that the deal has been finalised.
Bridge has emerged as a major provider of software solutions that let businesses handle stablecoin payments. The company supports transactions in more than 70 countries and enables international payments utilizing popular stablecoins like Tether (USDT) and Circle’s USDC. It has established itself as an important player in the fintech industry’s rising interest in enabling cross-border payments through stablecoins.
For Stripe, this deal aligns with the company’s recent foray into bitcoin services. Earlier this month, the company restored cryptocurrency payment capabilities for U.S. businesses, enabling USDC transactions on multiple blockchain networks like Ethereum, Solana, and Polygon.
The platform also announced a “fiat-to-crypto” service back in 2022, enabling consumers to convert their dollars into cryptocurrency. Around the same time, Matt Huang, a co-founder of the venture capital firm Paradigm which focuses on cryptocurrency, joined the company’s board of directors.
“Stablecoins represent an entirely new payments platform. Realizing the potential of this platform will be a decades-long journey. And as we’ve gotten to know the Stripe team, it’s become clear that we both share a vision for what’s possible with stablecoins and an excitement around the opportunity to create and build this future,” writes Bridge in a statement posted on X.
With this deal, Stripe showcases its drive to grow its digital payment infrastructure from its leading market position, which was estimated at $70 billion. It also significantly increased Bridge’s valuation, which was previously close to $200 million.
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