Crypto fans have argued for years that blockchain technology could speed up global payments and make them cheaper. Now payments giant Stripe is making a more than $1 billion bet on that finally becoming a reality—and the crypto industry is rejoicing.

Stripe announced on Monday that it had agreed to acquire Bridge, a two-and-a-half-year-old San Francisco–based startup focused on payments using stablecoins, a type of crypto pegged to a traditional currency. With estimated revenue of around $12 million, based on its transaction volume and people with knowledge of its fee structure, Bridge is fetching an eye-popping multiple of around 90 times revenue.