Stripe Completes $1.1 Billion Acquisition of Bridge

Stripe has finalized its $1.1 billion acquisition of Bridge, a stablecoin platform, marking the company's largest purchase and a significant move into the cryptocurrency market. Founded in 2022, Bridge developed an API that facilitates stablecoin acceptance for businesses and had previously raised $58 million from investors. The acquisition follows a serendipitous meeting at Stripe's headquarters that focused on stablecoins, leading to an increased interest from Stripe in Bridge's capabilities. Stripe co-founder Patrick Collison expressed excitement about the rapid adoption of stablecoins, indicating that businesses engaged in money movement will need a stablecoin strategy. This acquisition aligns with Stripe's ongoing efforts to expand its crypto offerings, which include enabling crypto transactions in the EU and launching a 'Pay with Crypto' feature for merchants. With this deal, Stripe aims to establish a more robust presence in the evolving digital assets landscape.