Stripe Plans to Acquire Stablecoin Platform Bridge
Startup Bridge helps businesses issue and accept stablecoins. Stripe agreed to pay $1.1 billion for the crypto startup
Stripe Inc. co-founder and Chief Executive Officer Patrick Collison confirmed in an X post on Monday that the payments company plans to buy stablecoin startup Bridge.
Tweet on Bridge and Stripe collaboration
— Bridge (@Stablecoin) October 21, 2024
Bridge tweet-announcement
The deal, first reported by Bloomberg News on Oct. 16, is still subject to regulatory approvals and closing conditions. According to a separate post from Bridge’s X account, the parties expect to complete the transaction in the coming months.
Stripe will pay $1.1 billion, according to someone familiar with the matter who asked not to be identified discussing private information. A spokesperson for Stripe declined to comment on a purchase amount.
Stablecoins are typically designed to track the value of currencies or assets such as dollars one-for-one and today are primarily used as bridge currencies in and out of the crypto economy.
“Stablecoins are room-temperature superconductors for financial services,” Collison wrote on X. “Thanks to stablecoins, businesses worldwide will benefit from significant speed, coverage, and cost improvements in the coming years. Stripe is going to build the world’s best stablecoin infrastructure.”
