Stripe has announced its acquisition of Privy, a leading provider of crypto wallet infrastructure, as part of its broader effort to simplify the integration of blockchain tools into everyday digital products. Privy specializes in creating embedded wallets for apps and websites, eliminating the need for users to sign up for external crypto wallets like MetaMask. While terms of the deal remain undisclosed, this move marks a significant step forward for Stripe’s crypto ambitions.
Since its launch in 2021, Privy has experienced remarkable growth, now powering over 75 million accounts across more than 1,000 teams. Its technology facilitates billions of dollars in transactions across wallets, apps, and users, making crypto more accessible and user-friendly. The company has secured over $40 million from notable investors including Paradigm, Coinbase, and Sequoia Capital.
This acquisition follows Stripe’s recent purchase of Bridge, a stablecoin infrastructure firm, for $1.1 billion. That deal enabled Stripe to offer stablecoin-funded accounts, allowing businesses to hold and transfer funds internationally using tokens like USDC. Privy will continue to operate independently while being integrated into Stripe’s suite of crypto solutions, enhancing the company’s digital asset ecosystem.
The deal is expected to close in the coming weeks, positioning Stripe as a more comprehensive player in the evolving blockchain landscape. This strategic move underscores Stripe’s commitment to making blockchain technology more accessible for mainstream digital products and financial services.
