Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion

According to a post shared by TechCrunch founder Michael Arrington, payment processor Stripe, which wants to advance its cryptocurrency ambitions, signed an agreement to acquire stablecoin platform Bridge for $1.1 billion.

Bridge, which received an investment of $54 million, was founded by Zach Abrams and Sean Yu, who have connections with Square and Coinbase, and its customers include SpaceX and Coinbase (COIN).

The startup previously reported that it aims to be the blockchain version of Stripe, which operates a global system that other developers can integrate with.

Stripe, which enables companies to accept payments both online and in-person, plans to expand its offering into cryptocurrencies through Circle’s USDC stablecoin this year.

Stripe and Bridge have not yet responded to CoinDesk’s request for comment.