Stripe logo on the screen of a smartphone. Source: rarrarorro - stock.adobe.com

Key Takeaways:

Stripe’s reported $1.1 billion acquisition of stablecoin platform Bridge would mark one of the largest crypto deals, though neither company has confirmed the transaction.
Bridge, founded in 2022, offers stablecoin-based payments and is seen as a competitor to traditional systems like SWIFT and credit cards.
Stripe has been expanding its stablecoin payment offerings, recently integrating USDC into its global payments platform.

Stripe is reportedly acquiring stablecoin platform Bridge in a $1.1 billion deal, according to TechCrunch founder Michael Arrington.

While both companies have yet to confirm the transaction, sources indicate the acquisition is in its advanced stages as of October 17.

This deal is done. $1.1b https://t.co/J7ppK4uHw0
— Michael Arrington 🏴‍☠️ (@arrington) October 20, 2024

If completed, this would be Stripe’s largest acquisition and one of the biggest in the crypto sector.

Bridge, founded in 2022 by former Coinbase executives Zach Abrams and Sean Yu, offers a stablecoin-based payments network competing with SWIFT and credit card systems.

Earlier this year, Bridge raised $58 million from investors like Sequoia and Ribbit.

STRIPE ACQUIRES STABLECOIN PLATFORM BRIDGE FOR $1.1B: REPORT

– Stripe officially acquired Bridge, a stablecoin platform, for $1.1 billion, per TechCrunch founder Michael Arrington.

Key Details:

– Founded by former Coinbase executives Sean Yu and Zach Abrams, Bridge offers… https://t.co/yTHUvjt6xS pic.twitter.com/TwJoIhiEH2
— BSCN (@BSCNews) October 21, 2024

This acquisition aligns with Stripe’s recent moves to integrate stablecoin payments, including adding Circle’s USDC stablecoin to its platform across 70 countries.

Stripe, valued at $70 billion as of July 2023, processes over $1 trillion in annual payment volume.

Despite the rumors, neither company has made an official statement.