Stripe intends to acquire the stablecoin payments platform Bridge.
Stripe chief executive officer Patrick Collison and Bridge chief executive officer Zach Abrams last Monday, October 21, posted messages on their accounts on the social media platform X confirming plans to implement the mentioned deal.
The specified business agreement is expected to close within a few months. The relevant deadline for the implementation of the deal is related to the terms of the corresponding procedures. This information is contained in an article published by Bridge in X.
Patrick Collison, in a post on the mentioned social media platform, stated that stablecoins are room-temperature superconductors for financial services. According to him, as a result of using the appropriate electronic currency, businesses around the world will benefit from significant speed, cost, and coverage in the coming years. He also stated separately that Stripe intends to build the world’s best stablecoin infrastructure.
Zach Abrams noted in his message that Bridge started its activities two and a half years ago and has done a lot since then. According to him, the firm plans to do a whole lot more in the coming years.
A separate Bridge article notes that when the company launched its APIs in 2023, the world was completely different. In the relevant context, it was underlined that many doubted the utility of the entire digital asset space, and the corresponding perception had an impact on the stablecoin sector. The firm noted that regulators, fintech companies, and banks were unable or unwilling to engage deeply in the mentioned new environment. However, as was underlined by Bridge, since then some of the world’s largest financial institutions, such as Visa and SWIFT, have started to support stablecoins.
Also, in the specified article, it was noted that policymakers around the world are working to provide clarity and support for the infrastructure of the specified digital currency. This activity is a recognition of the strategic importance of technology for the financial system, according to Bridge. The company stated that against this background, the adoption and use of stablecoins are rapidly accelerating.
The mentioned firm noted that it would like to believe that Bridge played a small role in the specified transition. In this context, the company underlined that shortly after the launch, several brands engaged in international payment transactions integrated its API, proving that stablecoins can be used to speed up and reduce the cost of global money movement. The firm also stated that it collaborated with government agencies to disburse aid payments, supporting thousands of front-line workers across Latin America. The company then built virtual accounts so that fintechs such as Dolar App and Chipper Cash would provide consumers and businesses around the world with the opportunity to hold and spend in US dollars.
The Bridge article notes that this company and Stripe believe in the profound impact of stablecoins. It was also underlined that Stripe operates all over the world and understands the problems that existing localized payment systems generate better than almost anyone. Moreover, the article noted that an increasingly globalized world needs better money that can cross borders, be freely available to anyone in any country, and can be sent at almost no cost.
In the current month, Stripe stated that in the first 24 hours after its merchants were allowed to accept payments in stablecoins for online transactions on its platform, customers from more than 70 countries made purchases with this form of payment.
In August, it became known that Bridge raised $40 million to support its efforts to build a stablecoin-based payment platform designed to simplify the global movement of money. Sequoia reported that it led the financing round of Series A of the mentioned company. Also, the firm notes that because Bridge is built on blockchains, it works 24/7, in almost every country.
