Stripe has taken a significant step into the world of cryptocurrency by acquiring Bridge, a stablecoin platform, for a staggering $1.1 billion. This acquisition marks Stripe’s largest to date and underscores its commitment to expanding its footprint in the crypto space. The announcement comes after Stripe co-founder and CEO Patrick Collison highlighted the rapid adoption of Bridge in a post on February 5, emphasizing the growing importance of stablecoin strategies for those involved in programmatically moving money.
Bridge, founded in 2022 by Zach Abrams and Sean Yu, has swiftly made its mark in the industry. With its base in San Antonio, Texas, the platform has developed an API that enables companies to accept stablecoins seamlessly. Both Abrams and Yu bring valuable expertise from their previous roles at Coinbase and Square, respectively. The company's impressive growth trajectory was evident when it raised $40 million in a Series A funding round in 2024, which valued Bridge at $200 million.
Stripe's interest in Bridge is part of a broader strategy to integrate cryptocurrency solutions into its offerings. Last July, Stripe enabled crypto purchases across the European Union. Following this, in October, it introduced a Pay with Crypto feature, allowing merchants to accept stablecoins. These moves illustrate Stripe's dedication to embracing digital currencies as part of its payment solutions.
“We expected Bridge (go follow them at @stablecoin) to grow very quickly, and we’re nevertheless shocked at just how rapidly adoption is exploding. In the coming years, everyone programmatically moving money will likely want a stablecoin strategy.” – Patrick Collison
Bridge's rapid adoption is not only notable for its speed but also for the substantial investments it has attracted. The platform raised $58 million from prominent investors such as Index Ventures and Sequoia Capital. This financial backing has enabled Bridge to enhance its infrastructure and expand its reach in the burgeoning stablecoin market.
The acquisition of Bridge represents a tangible push into the crypto sector for Stripe, reflecting its vision of staying at the forefront of payment innovations. As more businesses seek stablecoin solutions for efficient transactions, Stripe's integration of Bridge's technology positions it as a key player ready to meet these evolving demands.
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