Payments company Stripe has officially made its largest acquisition to date, purchasing stablecoin platform Bridge for $1.1 billion.
The purchase values the 2 ½ year-old company at $1.1 billion, ~90x revenue according to The Information.
What they do: Bridge provides a software platform that helps companies accept payments in stablecoins.
Thanks to stablecoins, businesses around the world will benefit from significant speed, coverage, and cost improvements in the coming years. Stripe is going to build the world’s best stablecoin infrastructure…
Nice return: Bridge raised a $40 million Series A round that valued the company at $200 million.
This $1.1 billion acquisition rivals CoinShares’ acquisition of Valkyrie Funds for $530 million and Robinhood’s purchase of Bitstamp for $200 million.
Why it matters: Stripe had notoriously paused its crypto payments endeavors in 2018, citing technical difficulties and high transaction rates. The company now seems to be going all-in on crypto.
Stripe reinstated crypto payments for US businesses via USDC on Ethereum, Solana, and Polygon in April.
Stripe also partnered with Coinbase (COIN) to incorporate Base into its crypto payout products in June.
Why $1.1 billion? Here’s why.