Stripe Said to Buy Bridge for $1.1 Billion
According to TechCrunch founder Michael Arrington, one of the most significant acquisitions in the crypto and fintech space would see payment processing giant Stripe take over stablecoin platform Bridge for $1.1 billion. If true, this would be one of the largest acquisitions in crypto, but both companies are mum on it.
Unconfirmed but Massive
An Oct. 20 X post by Arrington announced, “This deal is done. $1.1b.” That confident assertion notwithstanding, Stripe and Bridge have yet to make any formal announcement. Reports on Oct. 17 suggested the deal was advanced, but since then there has been no confirmation from either party involved.
Stripe’s Largest Acquisition
If confirmed, it would represent Stripe’s largest acquisition to date. Headquartered in both San Francisco and Dublin, the company was valued at US$70 billion as of July and has been rapidly expanding its operations in the crypto space. In March, Stripe reported it had surpassed US$1 trillion in total payment volume for the year, which represented 1% of global GDP.
A Strategic Move into Stablecoins
This deal is in line with the recent growing interest in the use of stablecoin payments by Stripe. Only half a year ago, it was announced by the co-founder, John Collison, that the ambition to support the global transaction of stablecoin had finally occurred when Stripe integrated Circle USD [USDC] stablecoin into its main payments interface.
Background and Ambition of Bridge
Founded in 2022 by two former Coinbase executives, Zach Abrams and Sean Yu, Bridge has been making headlines with its stablecoin-based payment solutions that rival traditional networks like SWIFT. The company raised $58 million in funding earlier this year, and also promised to revolutionize cross-border payments with stablecoins, which some insiders have dubbed the “Web3 answer to Stripe.”
What’s Next for Stripe and Bridge?
Neither company has commented on the reported acquisition to date. If confirmed, however, it would serve to further cement Stripe’s position in the stablecoin market and help advance the mission of Bridge to disrupt traditional payment networks.
Confirmation and more information are very much desired, as this could be one of the most impactful acquisitions in crypto and fintech this year.
