Fintech giant Stripe to buy crypto startup Bridge

Stripe will buy stablecoin infrastructure provider startup Bridge, the fintech said in a tweet on Monday without disclosing the deal value.

The deal is valued at $1.1 billion, Forbes reported last week, citing people familiar with the matter.

Stripe declined to comment on the transaction’s value when contacted by Reuters.

Stripe, founded by billionaires John Collison and Patrick Collison in 2010, was valued at $65 billion earlier this year and is among the highest valued private startups in the U.S.

Digital currencies are gaining traction after the U.S. Securities and Exchange Commission allowed bitcoin spot exchange-traded funds earlier this year, easing scrutiny and paving way for cryptocurrencies to be accepted by major firms.

Last year, PayPal launched a U.S. dollar stablecoin to become the first major financial technology company to adopt digital currencies for payments and transfers.

Reuters / Mon, October 21, 2024  / (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Mohammed Safi Shamsi