Stripe Plans to Purchase Stablecoin Platform Bridge

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Stripe, a prominent payment processor, is reportedly in advanced negotiations to acquire the stablecoin money transfer company Bridge, backed by Sequoia.

According to sources familiar with the matter who wish to remain anonymous, a final decision has not yet been made and either party could ultimately back out of the potential deal, as reported by Bloomberg.

Although Stripe was one of the first companies to embrace cryptocurrency, offering support for bitcoin in 2014, it discontinued the feature in 2018 due to low demand and challenges such as slow confirmation times, high fees, and volatility of crypto prices.

However, last week, after a six-year hiatus, Stripe reintroduced crypto payments for businesses in the US through Circle’s USDC stablecoin on the Ethereum, Solana, and Polygon networks.

This is not the first time Stripe has shown interest in crypto in recent months, indicating a potential expansion into the sector.