Oct 22, 2024 11:04:00

Stripe acquires stablecoin platform Bridge for $1.5 billion

Stripe , a major payment software company, acquired Bridge, a stablecoin platform, on October 21, 2024. Although the two companies have not disclosed the specific transaction amount, some overseas media have reported that the transaction amount was $1.1 billion (approximately 165 billion yen).

Fintech giant Stripe to buy crypto startup Bridge | Reuters
https://www.reuters.com/markets/deals/fintech-giant-stripe-buy-crypto-startup-bridge-2024-10-21/

Stripe to buy stablecoin company Bridge for reported $1.1 billion | Payments Dive
https://www.paymentsdive.com/news/stripe-buy-stablecoin-company-bridge-blockchain/730471/

Obligo Raises $35 Million to Grow Its Flexible Security Deposit Solutions
https://www.pymnts.com/acquisitions/2024/stripe-acquire-bridge-build-stablecoin-infrastructure/

Bridge provides stablecoin payment implementation software to businesses, and foreign media Fortune reports that Bridge has previously raised a total of $58 million from investors and its valuation has reached $200 million.

On the other hand, Stripe is a major payment software company whose valuation exceeded $65 billion (approximately 9.7 trillion yen) at the beginning of 2024. In April 2024, it announced that it would resume accepting cryptocurrency payments for the first time in six years since April 2018, and will be able to accept payments using cryptocurrency from October 2024.

Payment service Stripe to restart cryptocurrency payment function from October 2024, some users have negative reactions - GIGAZINE

Stripe will acquire Bridge on October 21, 2024. In a post on X (formerly Twitter) reporting the acquisition, Bridge said, 'Together, Bridge and Stripe will accelerate the adoption and utility of tokenized dollars, making it easier for everyone around the world to move, store, and use money. We are excited to announce the news that Stripe will acquire Bridge.'

https://t.co/Jtop2ZLNUp

— Bridge (@Stablecoin) October 21, 2024

'This acquisition allows us to solve bigger problems around the world, support more developers, and empower more consumers and businesses,' said Zach Abrams, founder and CEO of Bridge. 'We founded Bridge to solve some of the most vexing global financial challenges, and we're excited to join forces with Stripe to fully realize these goals.'

Bridge is joining forces with Stripe!

I'm incredibly excited

We started 2.5 years ago and we've done a lot since then :) We're going to do a whole lot more in the years ahead. This is an important milestone, but we're still at the very beginning of the Bridge journey.

We…

— Zach (@zcabrams) October 21, 2024

'Stripe is committed to building the best stablecoin infrastructure in the world, and we're thrilled to welcome Bridge to the company,' said Stripe CEO Patrick Collison.

Stablecoins are room-temperature superconductors for financial services. Thanks to stablecoins, businesses around the world will benefit from significant speed, coverage, and cost in the coming years. Stripe is improvements going to build the world's best stablecoin… https://t.co/6yKi7OKXVT

— Patrick Collison (@patrickc) October 21, 2024

Regarding the acquisition of Bridge, it was reported on October 17, 2024 that negotiations were underway, and at the time it was stated that 'no final decision has yet been made and both Stirpe and Bridge could withdraw from the transaction.'

The acquisition of Bridge is expected to be completed within the next few months, subject to regulatory approvals, and the two companies have not disclosed specific terms of the transaction. Meanwhile, foreign media Forbes reported , citing sources, that the transaction amount is $1.1 billion.