Stripe now acquires a stablecoin startup for a whopping $1.1bn, TechCrunch Founder Michael Arrington confirmed on Sunday.
Michael Arrington, founder of TechCrunch, has announced that payments giant Stripe has successfully acquired the stablecoin startup Bridge for $1.1 billion.
In a post on X, referring to a report on the acquisition negotiations, Arrington confirmed that the deal is finalized.
A Bloomberg report from last week revealed that Stripe was in discussions to acquire Bridge, a company that enables businesses to utilize leading stablecoins like USDT and USDC for sending and receiving payments.
Bridge has secured a total of $58 million in funding from notable investors, including Sequoia and Haun Ventures, which was founded by former Coinbase board member Katie Haun.
The startup raised $40 million in its latest Series A funding round led by Sequoia.
This acquisition comes shortly after Stripe announced its plans to support global merchant settlements using the USDC stablecoin across two layer-1 blockchains and one layer-2 solution.
Jeff Weinstein, Stripe’s head of products, stated, “Crypto on Stripe is officially back! Accept stablecoins from over 150 countries.
Buyers can pay in USDC (via Ethereum, Solana, and Polygon), and U.S. businesses will receive USD.
This will work with checkout, elements, payment intents, and soon subscriptions.
We’re rolling this out to hundreds of thousands of U.S. businesses today and will expand to more countries later.”
Stripe’s initial venture into crypto payments began with Bitcoin but was discontinued in 2018 due to concerns over BTC’s utility as a payment method.
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