Stripe looks to increase stablecoin exposure with Bridge fintech purchase – report News โธ US โธ Tether · USDC โธ Stablecoins
Stripe looks to increase stablecoin exposure with Bridge fintech purchase – report
Stripe's pursuit of Bridge signifies a deeper commitment to stablecoin technology for faster global transactions.
2 min read
Updated: Oct. 17, 2024 at 11:19 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Global payment platform Stripe is reportedly negotiating to acquire Bridge, a company that facilitates transactions involving stablecoins, according to a Bloomberg report. The potential deal signifies Stripe’s deeper foray into digital currencies and blockchain technology.
As Bloomberg noted, discussions between Stripe and Bridge are ongoing, though no final agreement has been reached. Bridge enables businesses to create, store, send, and accept stablecoins like Tether’s USDT and Circle’s USDC through its platform.
Founded less than two years ago by Zach Abrams and Sean Yu, Bridge has secured $58 million in funding from investors, including Sequoia Capital, Ribbit Capital, Index Ventures, and Haun Ventures. The company’s platform offers APIs that allow firms to integrate stablecoin functionalities without handling underlying blockchain complexities.
Stripe, established by Patrick and John Collison, recently resumed its involvement with crypto by allowing US merchants to accept payments in USDC. This move ended a pause in natively processing digital tokens and reflects the company’s renewed interest in crypto-based payment solutions.
The acquisition of Bridge would enhance Stripe’s capabilities in the stablecoin sector, aligning with its aim to facilitate faster and more efficient global transactions.
Other financial institutions are also exploring stablecoin opportunities. Visa announced a platform for banks to issue fiat-backed tokens, and companies likeย Revolut have been rumored to be considering launching their own stablecoins.
Bridge has processed over $5 billion in annualized payment volume and counts SpaceX, Coinbase, Stellar, and Strike among its clients. The company positions itself as a facilitator for integrating stablecoin functionality, offering solutions that simplify global money movement for both crypto-native and traditional firms.
While Stripe has been considered a potential candidate for an initial public offering, the company’s founders have indicated no immediate plans to go public. Earlier this year, Stripe and several investors agreed to buy back more than $1 billion in shares from employees, valuing the company at $65 billion, down from a peak of nearly $100 billion in 2021.
The potential acquisition points to a strategic move by Stripe to focus on expanding its payment services to include stablecoins, positioning the company at the forefront of web 2.0 companies in the digital payments landscape.
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Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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