According to reports, Stripe will facilitate stablecoin payments for businesses using Bridge's innovative software tools. Founded in 2022 by entrepreneurs Sean Yu and Zach Abrams

Payment processing giant Stripe (NYSE:STX) is reportedly set to acquire Bridge, a startup that provides software tools for businesses to accept stablecoin payments.

According to the Wall Street Journal, the deal could be announced as early as Monday. It is unclear how much Stripe will pay for Bridge, but the startup was valued at $250 million in a funding round last year.

The acquisition will mark Stripe’s latest foray into the world of digital currencies. In recent years, the company has added support for crypto payments from several exchanges, including FTX, Binance, and Coinbase (NASDAQ:COIN).

However, Stripe has largely steered clear of direct involvement in the cryptocurrency markets. The company notably paused its crypto hiring plans in 2022 amid a downturn in the digital asset sector.

Bridge was founded in 2022 by entrepreneurs Sean Yu and Zach Abrams. The startup’s platform provides a range of services for businesses to accept and manage stablecoin transactions.

The platform enables companies to create, store, send, and receive stablecoins, offering a viable option for businesses that want to tap into the benefits of digital currencies.

Moreover, Bridge aims to address some of the challenges associated with traditional payment methods, such as high fees and slow transaction times, by allowing users to accept stablecoin payments.

Prior to founding Bridge, both Yu and Abrams were involved in other notable ventures. Abrams co-founded Evenly, a peer-to-peer payment service that was acquired by Block (NYSE:SQ) in 2013. He also served as Head of Consumer at Coinbase.

Meanwhile, Yu held engineering roles at several prominent companies, including Coinbase, Square, DoorDash (NYSE:DASH), and Airbnb (NASDAQ:ABNB).

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