Stripe, a leading fintech company, has completed its largest-ever acquisition by purchasing stablecoin platform Bridge for $1.1 billion. This record-setting deal highlights Stripe’s growing focus on cryptocurrency and marks the biggest acquisition in the crypto industry to date.

Bridge’s Expertise

Founded by Sean Yu and Zach Abrams, Bridge specializes in software tools that enable businesses to accept payments in stablecoins. The company had previously raised $58 million in funding, including a $40 million Series A round that valued it at $200 million. The acquisition price represents a significant increase from its prior valuation.

Stripe’s Crypto Ambitions

The deal follows Stripe’s recent reintroduction of crypto payments for US businesses using the stablecoin USDC on blockchains such as Ethereum, Solana, and Polygon. This acquisition is a key move in expanding Stripe’s crypto services, which already include a partnership with Coinbase, integrating the Base Layer 2 network into Stripe’s payment products.

A Strategic Leap

For Stripe, which is currently valued at $70 billion, the acquisition of Bridge underlines its commitment to pushing deeper into the crypto space. Bridge’s founders bring a wealth of experience from their previous ventures, including a sale of their Venmo competitor to Block and Abrams’ prior role at Coinbase.

This acquisition sets a new milestone in the fintech and cryptocurrency landscape, signaling a further convergence of traditional finance and digital assets.