Key Takeaways
- Stripe has purchased stablecoin firm Bridge in one of crypto’s largest-ever acquisitions.
- Crypto/stablecoin services were originally discontinued from Stripe in 2018.
- Stripe has seen over $1 trillion in total transactions processed since launching in 2011.
Payments giant Stripe has purchased stablecoin platform Bridge for a whopping $1.1 billion, marking one of the largest acquisitions in crypto history.
Stripe Expands
TechCrunch founder Michael Arrington confirmed that Stripe has followed through on its bid to purchase the stablecoin platform Bridge for $1.1 billion.
This marks not only one of the largest deals in crypto history but also Stripe’s largest acquisition, and it seems that the company is doubling down to become a major player in crypto and stablecoin payment services.
Stripe is a leading payment services platform that has processed over $1 trillion in transactions since launching in 2011. In stark contrast, PayPal, launched in 1998, has processed approximately $1.36 trillion as of January 2024.
Evidently, Stripe’s rate of growth has been substantial. After discontinuing crypto services in 2018, Stripe is back to capitalize on crypto’s momentum.
Stripe already has some notable partnerships in place, including one with Paxos, which allows users to easily convert fiat to stablecoins, such as PayPal USD (PYUSD) and USD Coin (USDC).
Stripe and Stablecoins
According to sources cited by Bloomberg, payments giant Stripe was in advanced talks to acquire stablecoin platform Bridge to expand its stablecoin payments network.
Bridge’s business-focused platform specifically allows users to store, send, and receive stablecoins such as USDC and Tether (USDT). Notably, Bridge has processed over $5 billion in annualized payment volume with Coinbase, Strike, Stellar, and even SpaceX as clients.
Created by former Coinbase and Square employees, Bridge officially launched in Aug. 2024 after approximately three years of development. It raised some $58 million in funding from Sequoia, Index, Haun Ventures, and others.
Several years ago, Stripe discontinued its crypto services. However, on Oct. 9, Stripe CEO Jess Weinstein announced that cryptocurrencies were coming back to Stripe. This began with the rollout of USDC on the platform, but now it appears that Stripe intends to take this a step further.
Stablecoin Adoption
The news comes as major players in the payments industry are experimenting with or completely embracing stablecoins.
Most recently, PayPal completed its first business payment using its stablecoin, PYUSD. Specifically, it used PYUSD to pay an invoice to Ernst & Young LLP, marking a major milestone for stablecoins.
With Revolut reportedly developing its own stablecoin and Visa’s ongoing trials with crypto and stablecoin technologies, the payments industry may be the main driver behind stablecoin adoption in the years to come.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
