Payments giant Stripe has boldly acquired the stablecoin firm Bridge for an impressive $1.1 billion, as reported by the founder of TechCrunch.
Michael Arrington, founder of TechCrunch, reports that payments giant Stripe has acquired the stablecoin startup Bridge.
In an X post referencing a report about Stripe’s discussions to acquire Bridge, the tech publication executive says the $1.1 billion purchase of Bridge is a done deal.
A Bloomberg report last week indicated that Stripe had been in talks to acquire the stablecoin firm, which offers a product that lets enterprises use the top stablecoins USDT and USDC to send and receive payments.
The report indicated that Bridge had raised $58 million in startup funding from investors that included Sequoia and Haun Ventures, a crypto-focused venture capital firm founded three years ago by former Coinbase board member Katie Haun. Bridge raised $40 million in its most recent Sequoia-led Series A round.
Stripe’s acquisition of Bridge comes a little over a week after the payments company announced it would offer global support for merchant settlements using the USDC stablecoin over two layer-1 blockchains and one layer-2 solution.
At the time, Stripe’s head of products, Jeff Weinstein, said,
“Okay, crypto on St…
