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A Billion-Dollar Purchase: Stripe Reportedly Buys Bridge
Last Updated: October 21, 2024
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Key Takeaways
- Stripe has allegedly acquired Bridge for $1.1 billion;
- If confirmed, it would be Stripe's largest acquisition and a major milestone in the crypto industry;
- The move aligns with Stripe's recent initiatives to support stablecoin payments.
TechCrunch founder Michael Arrington has announced that Stripe, a payments processing firm, has bought the Bridge stablecoin platform for $1.1 billion.
Arrington shared this news via a post on X on October 20, stating, "This deal is done. $1.1b."
As of now, representatives from both organizations have remained silent regarding the alleged acquisition.
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If confirmed, this acquisition would be the largest in Stripe's history and one of the biggest in the cryptocurrency industry.
Bridge, established in 2022 by former Coinbase
executives Zach Abrams and Sean Yu, is a network specializing in stablecoin transactions. Aiming to challenge traditional systems like SWIFT and major credit card companies, Bridge enables businesses to generate, hold, transfer, and accept stablecoins.Stripe is a global leader in online payment processing, allowing businesses to accept various payment methods, including credit and debit cards. The company had announced six months ago—through co-founder John Collison—plans to support international stablecoin payments.
This rumored acquisition reflects the intensifying competition among payment platforms to innovate and incorporate emerging digital assets into their services. By integrating Bridge's stablecoin capabilities, Stripe could enhance its position in digital payments, offering solutions that link traditional and decentralized finance.
In other news, Ripple is preparing to launch its own USD-pegged stablecoin, RLUSD.
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