Official announcements from Stripe or Bridge, or reputable financial news outlets

Stripe Acquires Bridge for $1.1 Billion in Largest Crypto Deal, Sequoia Gains Over $100 Million

Oct 28, 2024, 10:04 PM

Payments giant Stripe has acquired stablecoin platform Bridge in a $1.1 billion deal, marking the largest crypto acquisition to date. Bridge, founded by former Coinbase executives, provides tools for businesses to create, store, and accept stablecoins. The acquisition has resulted in significant financial gains for venture capital firms, with Sequoia Capital reportedly making well over $100 million from its 16% stake in Bridge. Other early investors, including Ribbit and Index Ventures, have also locked in substantial returns. This acquisition provides a multimillion-dollar windfall for venture capital firms and is notable given the current challenging market conditions for crypto.