Latest news with #HenriStern
Yahoo
a day ago
- Business
- Yahoo
Stripe to buy crypto wallet provider Privy
Payments company Stripe has agreed to acquire New York-based crypto wallet startup Privy for an undisclosed amount. Privy, founded in 2021 by Henri Stern and Asta Li, provides an API for developers to securely create wallets, sign transactions, and integrate onchain systems. The platform currently supports over 75 million accounts across more than 1,000 developer teams, facilitating billions in transactions. Privy's technology is used across sectors including fintech and payments, decentralised finance (DeFi) and trading, consumer applications, gaming, and AI agents. The startup has raised just over $40m from investors such as Ribbit Capital, Definition, and Coinbase Ventures, according to Bloomberg. The transaction is subject to customary closing conditions and is expected to close in the coming weeks. Privy will continue to operate as an independent product following the acquisition. In a statement, Privy co-founder and CEO Henri Stern said: 'When we started, wallets were powerful but inaccessible for all but the most technical. Developers had to send users off-platform to get started, breaking flows and killing user conversion. That friction fundamentally constrained what could be built in crypto.' The acquisition follows Stripe's $1.1bn purchase of Bridge. Stripe co-founder and CEO Patrick Collison said: 'With a unified platform, connecting Privy's wallets to the money movement capabilities in Stripe and Bridge, we're enormously excited to enable a new generation of global, Internet-native financial services.' Earlier this year, Stripe launched stablecoin-funded accounts, enabling merchants to hold funds and pay vendors abroad using Circle Internet Group's USDC and Bridge-issued USDB. "Stripe to buy crypto wallet provider Privy " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
2 days ago
- Business
- Finextra
Stripe buys crypto wallet startup Privy
Payments giant Stripe is acquiring crypto wallet infrastructure startup Privy for an undisclosed fee. 1 The deal is part of Stripe's aggressive push back into crypto following a six year hiatus, building on its recent $1.1 billion takeover of stablecoin platform Bridge. Founded around three years ago, Privy aims to make it easy for developers to build products on crypto rails. Through a single API, clients can spin up wallets rather than use external ones, sign transactions, and integrate any onchain system. The firm now claims to power over 75 million accounts across more than 1000 developer teams, orchestrating billions in transactions. Among its clients are trading platform Hyperliquid and restaurant app Blackbird. Like Bridge, the startup will operate as an independent product under Stripe. Say founders Henri Stern and Asta Li: "Joining Stripe will accelerate our work to shape this future and provide powerful new capabilities to Stripe and Privy customers alike. Together, we can change how value moves through the Internet."
Irish Examiner
3 days ago
- Business
- Irish Examiner
Stripe to acquire crypto wallet provider Privy
Stripe has agreed to acquire crypto wallet provider Privy, building on the payment company's recent acquisition of stablecoin infrastructure firm Bridge. Terms of the transaction were not disclosed. Privy helps companies build crypto wallets into their user experiences. Non-fungible token marketplace OpenSea, for example, uses Privy to enable customers to purchase NFTs directly from its platform. Behind the scenes, Privy creates a wallet on behalf of the consumer which facilitates their purchase. Before the partnership, OpenSea customers needed to create an external wallet through a provider like MetaMask or Coinbase Wallet and link it to their account. The extra steps added friction for consumers and created a barrier to entry into the crypto universe. The wallets are necessary to hold NFTs and the cryptocurrencies required to buy them. Privy's other clients include restaurant loyalty start-up Blackbird and global employment firm Toku. 'When we started, wallets were powerful but inaccessible for all but the most technical,' Henri Stern, co-founder and chief executive officer of Privy, said in a statement. 'Developers had to send users off-platform to get started, breaking flows and killing user conversion. That friction fundamentally constrained what could be built in crypto.' New York-based Privy was founded in 2021 and has raised just over $40m from investors. Privy was last valued at $230m (€201.7m) in March of this year, according to data compiled by Pitchbook. 'With a unified platform, connecting Privy's wallets to the money movement capabilities in Stripe and Bridge, we're enormously excited to enable a new generation of global, internet-native financial services,' Patrick Collison, Stripe's co-founder and chief executive, said in a statement. The Privy news follows Stripe's $1.1bn (€1bn) acquisition of Bridge, a deal which accelerated an already growing wave of enthusiasm surrounding stablecoin. Earlier this year, Stripe announced it was introducing stablecoin-funded accounts designed to help merchants hold funds and pay vendors abroad using Circle Internet Group USDC and the USDB stablecoin issued by Bridge itself. Similarly to Bridge, Privy will continue to operate as an independent product. Stripe's acquisitions signal the company's interest in becoming a go-to vendor for clients interested in adding support for, or launching their own, crypto products at a time when everyone from large technology firms to traditional banks have expressed interest in exploring the technology. The Privy transaction is subject to closing conditions and the companies expect the deal to close in coming weeks. Bloomberg
