Stripe acquires stablecoin infrastructure startup Bridge
Summary
Stripe Inc. today announced plans to buy Bridge Ventures Inc., a startup with a platform for processing stablecoin transactions. One reason the task is complicated is that payment processing software must comply with a long list of financial regulations and cybersecurity requirements. Instead of creating a payment processing system from scratch, software teams can simply integrate the company’s platform into their applications with a few lines of code. Abrams went on to become the head of Coinbase Inc.’s consumer business, while Yu has held engineering roles at Airbnb Inc., Square Inc. and other tech firms. The company, which reportedly generates more than $2.5 billion in annual revenue, previously launched tools that automate accounting tasks and ease the process of incorporating a business.