Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion in Crypto’s Largest Acquisition_blog

21 Oct, 2024

Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion in Crypto’s Largest Acquisition

Quick Take

Payments company Stripe has acquired stablecoin platform Bridge in a $1.1 billion deal, according to TechCrunch founder Michael Arrington.

Stripe’s largest acquisition to date, and the largest acquisition in the crypto industry’s history, Bridge had raised $58 million from investors and was previously valued at $200 million.

Bridge offers software that helps businesses accept payments in stablecoins and signals an expansion of Stripe’s crypto adoption efforts.

Crypto’s Largest Acquisition

Fintech company Stripe has finalized its largest acquisition to date, snapping up stablecoin platform Bridge in a deal valued at $1.1 billion, according to a post on X from TechCrunch founder Michael Arrington.

Bridge, founded by entrepreneurs Sean Yu and Zach Abrams (no relation to this reporter), provides software tools that help companies accept payments in stablecoins. The founders had previously sold a Venmo competitor called Evenly to Block in 2013; Abrams is also a former senior Coinbase employee.

Bridge had previously raised $58 million from investors, including a $40 million Series A round that valued the company at $200 million, according to Forbes. The $1.1 billion price tag therefore represents a large jump from the company's prior valuation, and Stripe's largest acquisition in its corporate history.

Stripe, which was last valued at $70 billion, reinstated crypto payments for US businesses via USDC on Ethereum, Solana and Polygon earlier this month. Stripe also inked a partnership with Coinbase in June which saw the startup incorporate Coinbase's Base Layer 2 network into its crypto payment products, while Coinbase pledged to add Stripe as a way for its customers to buy crypto within its Coinbase Wallet.

The $1.1 billion purchase represents the crypto industry's largest acquisition deal to date.

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23 Oct, 2024

Vang Vieng Tourist Numbers Increases Amid Infrastructure Upgrade

As of October, Vang Vieng has welcomed over 900,000 tourists, exceeding its target of 800,000. This includes more than 400,000 foreign visitors, according to Vang Vieng district Governor Bounchan Malavong, who spoke on TV with the Lao National Radio (LNR) on 21 October.Bounchan noted that Vang Vieng’s tourism has significantly improved compared to previous years, with increased visitor numbers this year alone. Key factors driving this growth include improved transportation options like buses, trains, and highways. Additionally, tourism plans have been adjusted to accommodate the rising number of tourists.These developments have been supported by a nearly USD 15 million grant from the Asian Development Bank (ADB), provided through three agreements aimed at enhancing tourism infrastructure.The first agreement focused on constructing a landfill, completed on 31 May. The second project involves building the Nam Song Bridge and upgrading the road from Vong Waen to Kaeng Yui, which began last year. The third project, set to start in November, will rehabilitate 11 roads in Vang Vieng, covering a total of 5,294 meters.These improvements aim to enhance access to key attractions and overall visitor experiences, contributing to the local economy and promoting sustainable tourism growth.This success reflects the district authorities’ plans to improve facilities and services in preparation for Visit Laos Year 2024, including environmental adjustments and enhanced tourist experiences through various activities and upgraded infrastructure.In the first half of 2023, Vang Vieng attracted approximately 320,000 tourists, with 116,000 being foreign visitors and 200,400 domestic tourists.

18 Oct, 2024

Tesla's Bitcoin Moves Stir Speculation Amid Crypto Volatility

Tesla, the electric car giant led by Elon Musk, recently transferred nearly all of its Bitcoin holdings, valued at around $760 million, to various unknown wallets. According to Arkham Intelligence, the company moved 11,500 BTC in 26 separate transactions on October 15, leaving its wallets nearly empty after two years of inactivity. The move has sparked widespread speculation across crypto social media, causing significant volatility in Bitcoin prices.Uncertainty Over Tesla's IntentionsAs rumors swirled, some speculated that Tesla might be taking direct custody of its Bitcoin, while others raised concerns about a potential liquidation. More optimistic theories suggested the company could be gearing up to accept Bitcoin payments again, a move it initially considered in 2021 before backing off due to environmental concerns. Among the more unusual theories was the suggestion that Musk was shifting assets into meme coins, highlighting the unpredictable nature of crypto speculation.The notion of using Bitcoin as collateral was also floated, with Pierre Rochard, Vice President of Research at Riot Platforms, suggesting that Musk might be leveraging the cryptocurrency for borrowing purposes. However, Tesla’s substantial cash reserves made this seem less plausible to some observers.Tesla's Crypto JourneyTesla's Bitcoin journey has been filled with highs and lows. The company made waves in early 2021 when it purchased $1.5 billion worth of the cryptocurrency, briefly holding as much as $2.5 billion at its peak. However, the company sold off 75% of its holdings in 2022, reportedly at a loss. As of March 2024, Arkham Intelligence noted Tesla's Bitcoin stash stood at 11,509 BTC, making the latest movements a significant development.While Tesla retains just $6.65 worth of Bitcoin in its wallets, it remains one of the largest corporate holders of the cryptocurrency in the United States. Other major holders include MicroStrategy and crypto mining firms MARA Holdings and Riot Platforms.Elon Musk's Crypto ViewsThough Tesla and Musk’s other ventures, such as SpaceX, hold Bitcoin, Musk’s personal stance on cryptocurrency remains somewhat ambiguous. In a July interview, Musk commented that Bitcoin has "some merit," but his real fondness lies with Dogecoin (DOGE), further adding to the intrigue surrounding Tesla's crypto maneuvers. The recent Bitcoin movements raise questions about what the future holds for the automaker’s relationship with digital assets.