Landmark 11 Billion Agreement Sets New Record as the Biggest Purchase in Crypto Industry

In a groundbreaking move that marks the largest acquisition in the history of the cryptocurrency industry, one fintech giant has made waves by securing a major stablecoin platform in a $1.1 billion deal.
Stripe has finalized its largest acquisition to date, snapping up stablecoin platform Bridge in a deal valued at $1.1 billion, according to
Tech Crunch
.
Bridge, founded by entrepreneurs Sean Yu and Zach Abrams (no relation to this reporter), provides software tools that help companies accept payments in stablecoins. The founders had previously sold a Venmo competitor called Evenly to Block in 2013; Abrams is also a former senior Coinbase employee.
Bridge had previously raised $58 million from investors, including a $40 million Series A round that valued the company at $200 million, according to Forbes. The $1.1 billion price tag therefore represents a large jump from the company’s prior valuation, and Stripe’s largest acquisition in its corporate history.
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Stripe, which was last valued at $70 billion,
reinstated
crypto payments for US businesses via
USDC
on
Ethereum
,
Solana
and
Polygon
earlier this month. Stripe also inked a partnership with Coinbase in June which saw the startup incorporate Coinbase’s Base Layer 2 network into its crypto payment products, while Coinbase pledged to add Stripe as a way for its customers to buy crypto within its Coinbase Wallet.
The $1.1 billion purchase represents the crypto industry’s largest acquisition deal to date.