Bridge a stablecoin company acquired by payment giant Stripe for 110 million according to the founder of TechCrunch

CoinDesk Report:
Michael Arrington, the founder of TechCrunch, stated that payment giant Stripe has completed the acquisition of stablecoin startup Bridge.
In a post on the TechCrunch forum, the executive of the technology publication stated that the acquisition of Bridge for $1.1 billion by Stripe has been finalized.
According to Bloomberg, Stripe has been in talks to acquire this stablecoin company, which offers a product that allows businesses to use stablecoins such as USDT and USDC to receive and send payments.
The report reveals that Bridge has raised $58 million in seed funding from investors, including Sequoia Capital and Haun Ventures, a cryptocurrency-focused venture capital firm founded three years ago by former Coinbase board member Katie Haun. Bridge recently raised $40 million in a Series A funding round led by Sequoia Capital.
Stripe’s acquisition of Bridge comes just over a week after the payment company announced its global support for merchants to settle using the USDC stablecoin through a two-layer L1 blockchain and L2 solution.
At the time, Stripe’s product lead, Jeff Weinstein, said, “Well, cryptocurrency is officially back on Stripe! Accept stablecoin payments from buyers in over 150 countries paid out in dollars via Ethereum, Solana, and Polygon. As a US business, you’ll receive dollars. Applicable for checkout, subscriptions, and pay intents (and soon subscriptions). We’re rolling this out to hundreds of thousands of US businesses today (then more countries soon).”
Stripe’s initial foray into supporting cryptocurrency payments began with Bitcoin but reportedly ended in 2018 due to the lack of utility as a means of payment.
Don’t miss a beat—subscribe to receive email alerts directly to your inbox. Check price action and follow us on Facebook and Telegram. Surf The Daily Hodl for more generated images: Midjourney.