TechCrunch founder Michael Arrington says funds big Stripe has accomplished the acquisition of stablecoin startup Bridge.
In an X submit referencing a report about Stripe’s discussions to amass Bridge, the tech publication govt says the $1.1 billion buy of Bridge is a accomplished deal.
A Bloomberg report final week indicated that Stripe had been in talks to amass the stablecoin agency, which gives a product that lets enterprises use the highest stablecoins USDT and USDC to ship and obtain funds.
The report indicated that Bridge had raised $58 million in startup funding from traders that included Sequoia and Haun Ventures, a crypto-focused enterprise capital agency based three years in the past by former Coinbase board member Katie Haun. Bridge raised $40 million in its most up-to-date Sequoia-led Sequence A spherical.
Stripe’s acquisition of Bridge comes just a little over per week after the funds firm introduced it will supply international help for service provider settlements utilizing the USDC stablecoin over two layer-1 blockchains and one layer-2 answer.
On the time, Stripe’s head of merchandise, Jeff Weinstein, stated,
“Okay, crypto on Stripe is formally again!
Settle for stablecoins from 150+ international locations
Consumers pay in USDC (by way of Ethereum, Solana, Polygon)
You, as a USA enterprise, obtain USD
Works with checkout, components, or fee intents (and shortly subscriptions).
We’re rolling this out to a whole bunch of hundreds of USA companies right this moment (then extra international locations).”
Stripe’s preliminary foray into supporting crypto funds began with Bitcoin, an effort that was led to 2018 allegedly over BTC’s lack of utility as a way of fee.
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