Irish financial technology company Stripe is acquiring stablecoin platform Bridge for $1.1 billion U.S. as it tries to advance its cryptocurrency offerings.
Privately held Stripe has finalized the deal to purchase Bridge, according to social media posts by both Stripe and Bridge in recent days.
Bridge, which has raised $54 million U.S. in funding, was founded by Zach Abrams and Sean Yu, who each helped to found cryptocurrency exchange Coinbase Global (COIN).
Bridge, whose customers include Coinbase and SpaceX, has said that it aspires to be the blockchain version of Stripe.
Stripe, which enables companies to accept payments online or in-person, has been expanding its crypto offerings in recent months.
The Irish company has partnered with Circle's USDC stablecoin, for example.
Stripe was valued at $70 billion U.S. earlier this year and its eventual initial public offering (IPO) is expected to be one of the biggest in years.
