(Reuters) – Stripe will buy stablecoin infrastructure provider startup Bridge, the fintech said in a tweet on Monday without disclosing the value of the deal.

The deal is valued at $1.1 billion, Forbes reported last week, citing people familiar with the matter.

Contacted by Reuters, Stripe declined to comment on the amount of the transaction.

Stripe, founded by billionaires John Collison and Patrick Collison in 2010, was valued at $65 billion earlier this year and is among the most valuable private startups in the United States.

© Reuters. FILE PHOTO: A smartphone with the Stripe logo is placed on a laptop in this illustration taken July 14, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Digital currencies are gaining traction after the U.S. Securities and Exchange Commission approved Bitcoin spot exchange-traded funds earlier this year, easing scrutiny and paving the way for mainstream acceptance of cryptocurrencies. large companies.

Last year, PayPal (NASDAQ:) launched a US dollar stablecoin to become the first major fintech company to adopt digital currencies for payments and transfers.