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Block's 30% plunge in February leads fintech selloff, while Stripe shows benefit of staying private

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Summary
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84% Informative

Stripe announced a tender offer for employee shares at a $91.5 billion valuation.

Fintech stocks like Block , PayPal and SoFi plunged in February , in part due to troubling economic data and the drop in crypto prices.

Meanwhile, Stripe took advantage of its position in the private market to boost its valuation.

Stripe CEO John Collison says banks are becoming more conservative in partnerships with fintechs.

Wells Fargo and Goldman Sachs have distanced themselves from the company, according to The Information .

Stripe made its biggest jump into crypto with the closing of its $1.1 billion purchase of Bridge , a provider of stablecoin infrastructure.

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86

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87

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57

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semi-formal

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English

Language complexity

54

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short-lived

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