Fintech Stripe has reportedly acquired stablecoin platform Bridge for $1.1 billion, according to an update shared via social media.

Stripe will buy stablecoin infrastructure provider startup Bridge, the fintech said in a tweet on Monday without disclosing the deal value. The deal is valued at $1.1 billion, Forbes reported last week,

Back in 2022, the platform announced the launch of a ‘fiat-to-crypto' service that would allow users to exchange their dollars for cryptocurrency. Around the same time, the company had onboarded Matt Huang, the co-founder of crypto-focused venture capital firm Paradigm, to be a part of its board of directors.