Stripe Acquires Bridge

(Reuters) – Stripe will acquire the stablecoin infrastructure provider startup Bridge, as announced on Twitter on Monday, though the deal value was not disclosed.

According to a Forbes report last week, the deal is valued at $1.1 billion, based on information from individuals familiar with the matter.

When Reuters reached out, Stripe declined to comment on the transaction's value.

Founded by billionaires John Collison and Patrick Collison in 2010, Stripe was valued at $65 billion earlier this year, making it one of the highest-valued private startups in the U.S.

Digital currencies are gaining traction following the U.S. Securities and Exchange Commission's approval of bitcoin spot exchange-traded funds earlier this year. This has eased scrutiny and facilitated the acceptance of cryptocurrencies by major firms.

In 2022, PayPal (NASDAQ:PYPL) launched a U.S. dollar stablecoin, becoming the first major fintech to adopt digital currencies for payments and transfers.