Stripe closes a $ 1.1 billion bridge trading and prepares StableCoin Push

San Francisco -In order to discuss the issues facing FinTech companies, the beginning of a casual roundtable meeting at Stripe’s headquarters has changed to a $ 1 billion acquisition of the industry, which could be a decisive moment. I did it.

Last summer, Stripe hosted WALLY Adeyemo, the secretary of the Ministry of Finance, and chatted with many financial service providers. Among the participants were striped CEO Patrick Corison and Bridge co -founder Zack Abrams. Two entrepreneurs had never met.

Abrams, a startup specialized in StableCoin infrastructure, said that the session surprised him because his session turned into a unique conversation in his company.

“It was shocking for me,” Abrams told CNBC this week and remembered the event. The group said, “We talked about more than 90 % of the meeting, even if we were the only stubcoin company.”

Finally, the bridge was firmly on the striped radar. A few months later, the first conference led to the largest acquisition of stripes so far and the purchase of a bridge of $ 1.1 billion. The transaction, which was closed on Tuesday after clearing the regulators’ hurdles, gives the stripes a solid foothold in the Crypto, a market that used to be traction before.

“He has probably developed our business understanding to spend time together in our process,” said Abrams, who co -founded the bridge in 2022. , And maybe our business can help and grow the striped ecosystem. “

Approximately 60 bridge teams were convened in San Francisco on Tuesday for official onboarding. The newcomer introduced the striped culture on how to write like a striped employee and a crash course on Corison’s business intro.

This is all part of STANDARD FINTECH BOOT CAMP in Stripe. This is a program that runs every two weeks for new recruitment.

BRIDGE focuses on facing StableCoin payments without directly dealing with digital tokens. StableCoins is a type of cryptocurrency that reduces the value of real world assets such as US dollars. Customers include Coinbase and SpaceX.

Companies, from legacy banks to startup payment providers, to make it easier and inexpensive to use stove coins, switch currency, and move money to digital. We are exploring the launch of. Standard Chartered predicts that in a recent report, stubcoin has grown to about 10 % of foreign exchange trading, which can increase from today 1 %.

Before the first exchange with Corison at the round table, the bridge actively traversed stripes as a customer. The two CEOs spent more time in a few weeks, and Collison’s interest in Bridge was deepened.

Stripe was already taking a shot with Crypto -and failed. This was one of the first major FinTech companies that supported Bitcoin’s payment in 2014, but quoted scalability issues and high transaction fees to bring out plugs in 2018. Nevertheless, at that time, the company claimed that it was “very optimistic about cryptocurrencies overall.”

StableCoins will be the next advancement of Stripe. At a flagship session meeting in April, the company stated that merchants could accept StableCoins for online purchase. In the first week of offering, Stripe saw more StableCoin volume than the history of the history of providing bitcoin trangulation.

However, Stripe still lacked an important component to function all functions. It was necessary to seamlessly process transactions across borders.

Neatica Bansal, the head of a striped money exercise product, said that it was exactly what Bridge provided.

“Considering the stripes and we have focused on the past seven years, that is, I have been focusing on personally, that is to break the global commerce barrier,” said Bansal at Stripe’s Office. He told CNBC in an interview. “We did it on a traditional financial railway.”

For many years, the Stripe approach to global payments includes navigating complex regulations and operation issues in each participating market. Bridge has developed a “super elegant solution for a use case across borders,” and “had a meaningful traction with all -scale companies.” “It felt like a simple person to get them and get them.”

Stripe paid a large price to the company two years ago. This was about three times the BRIDGE evaluation in the August financing round.

BANSAL assembled the acquisition as a strategic step to modernize Stripe’s global money athletic ability.

“We cooperate very closely and understand the appropriate opportunity. There is a need to supply the product with a bridge. In fact, we need to develop a new product with a bridge in frustration.” She said. “It’s like a few weeks.”

Stripe processes millions of transactions over millions of borders each year. This is a segment that is increasing by 50 % a year. BANSAL stated that StableCoins can significantly reduce costs and rationalize transactions compared to conventional financial networks.

Vansal was used as an example of a US company paying a Philippine contractor and called “a common use case because the company’s labor is global.”

Stripe handles payments using StableCoin infrastructure in more than 70 countries in partnership with Remote.com, a global personnel and contractor platform. Vansal said that he saw stubcoin growing in foreign exchange and financial management of large companies.

For now, Bridge continues to execute existing products, but the team is working together to determine the optimal integration and explore new products that can be built based on Bridge technology.

“They are obviously a space leader,” said Bansal. “Many of our conversations are to absorb what the bridge learned about something ridiculous.”

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