WEB3
by BSCN
October 21, 2024
Bridge, founded by former Coinbase executives Sean Yu and Zach Abrams, provides businesses with tools to create, store, and accept stablecoins.
Payments company Stripe acquired the stablecoin platform Bridge in aย deal worth $1.1 billion, according to TechCrunch founder Michael Arrington. This acquisition is reportedly the largest in the crypto industry to date.
This deal is done. $1.1b https://t.co/J7ppK4uHw0
โ Michael Arrington ๐ดโโ ๏ธ (@arrington) October 20, 2024
According to reports, Stripe will facilitate stablecoin payments for businesses using Bridge's innovative software tools. Founded in 2022 by entrepreneurs Sean Yu and Zach Abrams, Bridge provides a platform for companies to accept and manage stablecoin transactions.ย
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Stripe, valued at $70 billion as of July 2023, sees this acquisition as a way to further enhance its offerings in the payments space, particularly as demand for cryptocurrency solutions continues to grow.
Bridge was designed to compete with established payment networks like SWIFT and traditional credit card systems. The platform enables businesses to create, store, send, and receive stablecoins, positioning it as a viable alternative for companies looking to tap into the benefits of digital currencies.ย
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Bridge addresses some of the challenges associated with traditional payment methods, such as high fees and slow transaction times, by allowing users to accept stablecoin payments.
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Prior to Bridge, Sean Yu and Zach Abrams, the founders, co-founded Evenly, a peer-to-peer payment service that was acquired by Block (formerly Square) in 2013. Abrams also held senior roles at Coinbase, where he was the Head of Consumer. Yu has experience working in engineering roles at prominent companies such as Coinbase, Square, DoorDash, and Airbnb.
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Bridge previously raisedย $58 million from a range of investors, including Sequoia, Ribbit, and Index Ventures. Its most recent funding round valued the company at around $200 million. The $1.1 billion acquisition price thus represents a significant surge in valuation.
Stripe has long been at the forefront of payment processing, allowing businesses to accept credit and debit card transactions online. The company recently announced that it surpassed $1 trillion in total payment volume for 2023, a feat that accounts for about 1% of global GDP.ย
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This acquisition comes just months after Stripe's co-founder, John Collison, announced plans to support global stablecoin payments starting in the summer. The company has also begun integrating stablecoin payments into its user interface, allowing businesses toย transact using Circleโs USD Coin (USDC).
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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