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TechCrunch founder Michael Arrington says funds large 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 government says the $1.1 billion buy of Bridge is a executed deal.
A Bloomberg report final week indicated that Stripe had been in talks to amass the stablecoin agency, which presents a product that lets enterprises use stablecoins USDT and USDC to obtain and ship funds.
The report indicated that Bridge had raised $58 million in startup funding from buyers 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 a bit over per week for the reason that funds firm announced it will provide world help for settlements by retailers 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, parts, or fee intents (and shortly subscriptions).
We’re rolling this out to a whole bunch of 1000’s of USA companies immediately (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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