Stripe acquired the stablecoin giant at a record price.

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The fintech giant Stripe has made one of the largest acquisitions in the financial technology sector by purchasing the stablecoin platform Bridge for a massive $1.1 billion deal. This strategic move strengthens the company's position in the cryptocurrency sector while heralding a new era in payment systems. Stripe's initiative has the potential to open new doors for other players in the industry.

Stripe's $1.1 Billion Move: A New Era in Crypto Payments Has Begun

Stripe, one of the leading names in the payment technologies sector, has made an unprecedented acquisition in the world of cryptocurrency. The company signed a record deal worth $1.1 billion by incorporating the stablecoin platform Bridge into its portfolio.

According to information shared by TechCrunch founder Michael Arrington on the X (formerly Twitter) platform, this massive acquisition is the highest transaction amount in Stripe's corporate history.

Bridge stands out as an initiative that offers software tools allowing businesses to transact with cryptocurrencies pegged to an asset. The company's founders, Sean Yu and Zach Abrams, previously established a platform called Evenly in 2013 as a competitor to Venmo and sold that company to Block. Abrams also held a senior position at the cryptocurrency exchange Coinbase.

Before the acquisition, Bridge had raised a total of $58 million in investment rounds and reached a valuation of $200 million. The $1.1 billion amount paid by Stripe indicates that Bridge's value has rapidly increased.

Having reached a market value of $70 billion in its latest valuation, Stripe had reactivated cryptocurrency payment systems for businesses in the U.S. using USDC, which is utilized on Ethereum, Solana, and Polygon Blockchain networks, earlier this month.

In June, Stripe also signed a significant partnership with Coinbase. In this context, Stripe integrated Coinbase's Base Layer 2 Blockchain network into its cryptocurrency payment systems, while Coinbase announced that it would work with Stripe to enable its customers to make direct cryptocurrency transactions through the Coinbase Wallet.