Highlights:

  • Bridge, a 2022 startup, is developing a worldwide payment network that will enhance and streamline cross-border transactions with the use of stablecoins.
  • Stripe first made the announcement in 2022 that businesses could use its payment processing platform to pay customers in bitcoin. Since then, the company has provided a number of options.

Payment technology business Stripe Inc. to reportedly acquire Bridge Ventures Inc., a fintech start-up for USD one billion.

Industry expert claims that the takeover negotiations, which are still in the works and could end in the withdrawal of any party, would be Stripe’s biggest transaction to date. Regulations, permits, and employee compensation—including that of Bridge founders Zach Abrams and Sean Yu—remain potential roadblocks.

Regarding the alleged purchase talks, neither Stripe nor Bridge have provided a statement.

Bridge, a 2022 startup, is developing a worldwide payment network that will enhance and streamline cross-border transactions with the use of stablecoins. The startup aims to make money transfers as quick and easy as using the internet by cutting expenses when compared to more established financial networks like SWIFT.

To facilitate the management of cross-border payments, the Bridge platform was created to enable enterprises, governments, and humanitarian groups to transmit, receive, and store stablecoins like Tether and USDC. Additionally, the platform offers developers the infrastructure they need to easily incorporate stablecoin payments into their apps.

Bridge’s primary goal is to give customers economic choice by enabling them to utilize stablecoins to save and spend in either Euros or US dollars. This flexibility is useful in areas where regular financial services might not be as easily available.

“We believe stablecoins will transform and improve global money movement,” the company mentioned on its website. “Bridge creates the infrastructure necessary for builders to take full advantage of this new medium.”

According to reports, Bridge has secured USD 58 million from investors, including Sequoia Capital Operations, Ribbit Capital LP, Index Ventures, and Haun Ventures LP, in preparation for a possible purchase. Bridge apparently got interest in financing a potential Series B investment at a greater value, while the company’s most recent round was funded at a USD 200 million valuation.

The Bridge acquisition will improve Stripe’s current bitcoin offerings, assuming a deal closes. Stripe first made the announcement in 2022 that businesses could use its payment processing platform to pay customers in bitcoin. Since then, the company has provided a number of options.

Aakash Sahney, Product Head at Stripe Connect reported about Stripe’s functioning with Amazon Web Services Inc. to modify payment platforms for the latest businesses. The much-anticipated acquisition of Bridge would thrive on these services.