As a seasoned researcher with a keen interest in the evolving landscape of finance and technology, I find this acquisition by Stripe of Bridge, a stablecoin platform, to be an intriguing development. With my background in tracking tech trends and understanding their potential impact, it’s clear that this deal marks a significant step forward for both companies.
As a researcher, I’m excited to share that I’ve come across news about my latest discovery: the payment processing titan, Stripe, is said to have acquired the stablecoin platform Bridge for an estimated $1.1 billion. This information stems from a report by Michael Arrington, founder of TechCrunch.
The agreement was reportedly well along its development process as early as October 17th, but neither party involved chose to comment on it.
“This deal is done. $1.1b,” Arrington wrote in an Oct. 20 X post.
This upcoming purchase by Stripe, headquartered in both San Francisco and Dublin, will be the company’s biggest yet. Valued at an impressive $70 billion in July, it is also slated to rank among the most significant acquisitions in the history of cryptocurrency.
Stripe and Bridge did not immediately respond to a request for comment.
Stripe serves as an online payment-handling service, enabling companies to receive transactions made using credit cards, debit cards, or various other digital payment methods.
By March, Stripe announced they surpassed a total payment volume of $1 trillion in 2023, which equates to approximately 1% of the world’s combined Gross Domestic Product (GDP), generated by businesses operating through Stripe.
Six months following the announcement made by co-founder John Collison that the company will start accepting global stablecoin payments “this summer,” the recent news about the deal has surfaced.
It also comes less than two weeks after Stripe introduced stablecoin payments on its main payments user interface by integrating Circle USD (USDC) stablecoin.
In 2022, Bridge was established as a digital payment network built on stablecoins by ex-Coinbase executives Zach Abrams and Sean Yu. Their aim is to challenge systems like SWIFT and credit cards.
At Coinbase, Abrams served as the Consumer Lead, while also being the brains behind Evenly – a peer-to-peer payment firm which ultimately got acquired by Square.
Yu held engineering roles at Coinbase, Square, Doordash and Airbnb.
The platform enables companies to construct, save, transmit, and receive digital assets known as stablecoins, often likened to the Web3 equivalent of Stripe for transactions. This year, they secured a $58 million investment from Sequoia, Ribbit, Index, and various other financial backers.
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2024-10-21 03:58