Asia Tech Wire (Oct 22) -- Fintech company Stripe has acquired stablecoin infrastructure provider Bridge for $1.1 billion, according to TechCrunch founder Michael Arrington.

Arrington said on social media platform X on Sunday that the acquisition deal is done. $1.1b."

The two companies publicly confirmed the deal for an undisclosed amount in a post on Monday, one of the largest acquisitions in the cryptocurrency industry.

Headquartered in San Francisco and Dublin, Stripe is a payment processing platform that allows businesses to accept credit, debit, or other online payments. And in July, Stripe had a valuation of $70 billion.

Bridge allows businesses to create, store, send, and accept stablecoins, and some have called it Web3's answer to Stripe.