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Stripe's $1.1B Acquisition Target, Bridge, Buys Web3 Wallet Platform Triangle
Bridge acquired Triangle for an undisclosed amount.
Updated Nov 1, 2024, 3:42 p.m. Published Nov 1, 2024, 12:00 p.m.
- Triangle is being bought by stablecoin company Bridge, which itself is the target of a takeover by payments giant Stripe.
- Financial details of the transaction were not disclosed.
- Triangle founder, Tasti Zakarie, previously worked for Stripe.
Triangle, a web3 wallet infrastructure platform founded by Stripe alumni Tasti Zakarie, has been acquired by stablecoin payments platform Bridge, the company said in a press release on Friday.
As part of the deal, the Triangle team will join Bridge to help build scalable stablecoin systems, the company said. Financial details of the transaction were not disclosed.
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Bridge itself is a recent acquisition target. The stablecoin company is being bought by Stripe for $1.1 billion, in the largest crypto acquisition by a major payments company to date.
"Triangle was inspired by Stripe in how easy they made it to accept payments in any application," Triangle founder and CEO Tasti Zakarie said in emailed comments. "Similarly, we made it easy to utilize digital assets in any application."
The California-based company has built a developer API that allows companies to offer wallets to less tech savvy users and bring more users onchain.
Triangle is backed by investors including Chamath Palihapitiya of Social Capital, Alchemy Ventures, DCG and WndrCo.
Read more: Stripe's Acquisition of Bridge Validates the Usage of Stablecoins: Bernstein
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