Stripe Buys Bridge for $1.1B in Big Crypto Move

Irish-American financial technology company Stripe has made history in the world of cryptocurrency by completing what is now known as the largest ever acquisition within the sector – paying $1.1 billion for Bridge, a stablecoin platform. The deal, which had been under discussion since at least mid-October according to reports from tech entrepreneur Michael Arrington, sees Stripe purchase a start up founded by ex-Coinbase employees Sean Yu and Zach Abrams who are best known for their work creating software tools designed to facilitate stablecoin transactions between companies and consumers. Prior to this latest funding boost, Bridge had only achieved a value of $200m when they secured investment back in April but have since received a further $58m – part of which included a whopping $40m series A round led by venture capitalists such as Andreessen Horowitz. On the flip side, digital wallet service provider Stripe is no stranger to success having notched up over one trillion dollars worth of transactional business last year alone whilst boasting an overall valuation currently sitting around $70bn; not bad considering they were first established way back in 2011!

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