Sequoia Capital dey earn 100 million dollars as Stripe buy Bridge for 1.1 billion, as stablecoin push dey happen
Sequoia Capital dey plan to earn around $100 million from Stripe wey wan buy stablecoin platform wey dem dey call Bridge, and e dey valued for $1.1 billion. Dem initially put in $19 million during Series A funding round, and Sequoia get 16% stake for Bridge. Dis acquisition dey very important because of 20% decline wey don happen for crypto venture funding for Q3 2024, as Galaxy Digital take talk. Other investors like Ribbit Capital and Haun Ventures dey also benefit. Stripe move na strategic way to enter stablecoin sector, wey dey follow wetin dem promise for mid-2024 to support stablecoins. Dis acquisition dey show say Bridge dey grow, with recent $14 million run rate, and e dey wait for regulatory approval. E good make we note say dis na one of di largest crypto sector deals during di overall downturn for venture investments.
Bullish
Dis acquisition dey show say e be good sign because e show say korporate don invest plenty for stablecoin sector, even as crypto venture capital funding dey go down. E dey show say Stripe get confidence for future of stablecoins, wey fit inspire more investment and development for dis area. Big deals like dis fit boost investor mood, wey dey suggest say market fit recover and grow.