🌎 Stripe Eyes Acquisition of Stablecoin Provider Bridge to Boost Crypto

Stripe is reportedly in talks to acquire stablecoin provider Bridge, five months after announcing it will allow U.S. merchants to accept USDC payments again.

Multinational payments firm Stripe is said to be in negotiations with the Texas-headquartered stablecoin payments hub Bridge to expand its portfolio of crypto offerings. According to recent reports, both parties are still engaged in discussions, with no final decision yet made. As of now, neither Stripe nor Bridge has made any public comments on the matter.

If the acquisition proceeds, Stripe’s position in the crypto market could be significantly strengthened as it seeks to expand its services. In late April, Stripe President John Collison emphasized the benefits of crypto transactions, highlighting their “instant settlement” on-chain and automatic conversion to fiat.

You might also like: Ripple rolls out RLUSD stablecoin on Uphold, Bitstamp, and Bullish

In early October, the company, in partnership with stablecoin issuer Paxos, launched its “Pay with Crypto” feature. This feature enables merchants in over 70 countries to accept stablecoin payments that settle as fiat. Additionally, merchants can issue refunds by converting fiat currency back into stablecoins and sending the refund directly to the original payment wallet.

Founded in 2022 by former Square and Coinbase executives Zach Abrams and Sean Yu, Bridge allows its customers not only to accept and send stablecoins but also settle funds in a custom-made stablecoin. In August, Bridge secured $40 million in a funding round led by Sequoia and Ribbit, bringing the total raised amount to $58 million.