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The deal marks one of crypto’s largest acquisitions, allowing more businesses to deal in stablecoins.
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Payment processing giant Stripe has reportedly acquired stablecoin platform Bridge in a $1.1 billion deal, according to TechCrunch founder Michael Arrington.
The deal had been in “advanced stages” from at least Oct. 17, according to reports at the time, which representatives from both organizations did not address.
“This deal is done. $1.1b,” Arrington wrote in an Oct. 20 X post.
Source: Michael Arrington
The acquisition would be the largest to date for the San Francisco and Dublin-based Stripe, which was valued at $70 billion in July.
Stripe and Bridge did not immediately respond to a request for comment.
Stripe is a payment processing platform that allows businesses to accept credit and debit cards or other payments online.
The reported deal comes just six months after its co-founder John Collison announced the company would begin supporting global stablecoin payments “this summer.”
It also comes less than two weeks after Stripe introduced stablecoin payments on its main payments user interface by integrating Circle USD (USDC) stablecoin.
Related: Stripe’s new stablecoin option gains traction in 70 countries on day 1
Meanwhile, Bridge is a stablecoin-based payments network founded by two former Coinbase executives — Zach Abrams and Sean Yu — to compete with the SWIFT network and credit cards.
It allows businesses to create, store, send and accept stablecoins, in what some have referred to as the Web3 answer to Stripe.
The firm received $58 million in funding from Sequoia, Ribbit, Index and other investors this year.
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This article first appeared at Cointelegraph.com News
