Stripe has confirmed an agreement to acquire stablecoin platform Bridge in a deal worth around $1.1 billion.
Following takeover rumours last week, Stripe chief Patrick Collinson and Bridge boss Zach Abrams have now taken to X to say a deal is in place.
Collinson says "Stripe is going to build the world’s best stablecoin infrastructure, and, to that end, we are delighted to welcome @stablecoin to @stripe."
The move confirms that, after a six year hiatus, payments giant Stripe is back all in on crypto. In April it started allowing merchants to accept stablecoins for online payments. According to figures released by the firm, individuals from more than 70 countries used stablecoins for online transactions within the first 24 hours of the launch.
Founded less than three years ago by former Coinbase staffer Abrams, Bridge’s stablecoin-focused platform is designed to allow businesses to create, store, send, and receive stablecoins - Tether’s USDT and Circle’s USDC. The company in August raised $58 million from major investors including Sequoia, Ribbit, and Index Ventures.
In a statement, Bridge says: "Together, Bridge and Stripe will accelerate the adoption and utility of tokenized dollars and, in doing so, make money easier to move, store, and spend for everyone, all around the world."