Friday, November 15, 2024 – Venture capital firm Sequoia would obtain $100 million following $1.1 billion of massive deal of Stripe’s purchase of Bridge platform, reports recently said.
Sequoia had invested $19 million in the Bridge platform, holding 16% of stablecoin ownership, during its Series A funding round that launched less than a year ago.
Ribbit capital, which holds about 10%, Bedrock fund management and Index ventures having about 6% each, and Haun ventures with 4% from Bridge are included among the rest of investors who would benefit from the windfall.
Stripe’s acquisition of Bridge would tap into new highs of VCs, which were dipping since its peak in 2022, while the majority of investors seek high-profile crypto like BTC.
Late April, the co-founder of Stripe, John Collison, said that the firm “will start supporting global stablecoin payments this summer” via X post.
On October 20, pioneering fintech firm Stripe announced its deal, the acquisition of Bridge, had been finalized; nevertheless, the transaction is in the pipeline for regulatory approval.
It is predicted that the deal could be wrapped up within the coming months.
Bridge, the digital payment network that enables accessibility of tokens for businesses, reached $14 million recently and would promise rapid growth driven by Stripe’s initiatives.
