Stripe to Acquire Crypto Wallet Startup Privy in Bid to Expand Web3 Capabilities
Stripe is acquiring crypto wallet infrastructure provider Privy, as part of its broader plan to make blockchain tools easier to integrate into mainstream digital products.
Privy creates embedded wallets for apps and websites, sparing users from having to sign up for external crypto wallets like MetaMask. Terms of the transaction, which was first reported by Bloomberg and confirmed by Privy, weren't disclosed.
The firm's technology is used by decentralized exchange Hyperliquid, restaurant loyalty firm Blackbird, and HR platform Toku to simplify onboarding and reduce user drop-off.
Privy revealed that since it was launched in 2021, it has grown to power over 75 million accounts across over 1,000 teams 'enabling billions in transactions across wallets, apps, and users.'
The New York-based firm has raised over $40 million from investors including Paradigm, Coinbase, and Sequoia Capital, according to data from TheTie.
The acquisition comes after Stripe purchased Bridge, a stablecoin infrastructure firm, for $1.1 billion. That deal led to Stripe launching stablecoin-funded accounts, enabling businesses to hold and move funds abroad using tokens like USDC.
Privy will continue to operate independently but will be integrated into Stripe's suite of crypto tools.The acquisition is expected to close in the coming weeks.
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