Stripe acquires Crypto Wallet Infrastructure Provider Privy, as part of its wider plan to make blockchain tools easier to integrate into mainstream digital products.
Privy creates embedded wallets for apps and websites that spare users from having to sign up for external crypto drawing books like Metamask. The conditions of the transaction, which was first reported by Bloomberg and confirmed by Privy, were not revealed.
The company’s technology is used by decentralized exchange hyperliquid, restaurant loyalty company Blackbird and HR platform Toku to simplify onboarding and reduce user handing over.
Privy revealed that since it was launched in 2021, it has grown to power over 75 million accounts of over 1,000 teams “Activation of billions in transactions across wallets, apps and users.”
The New York-based company has collected over $ 40 million from investors, including Paradigm, Coinbase and Sequoia Capital, according to Data from Thetie.
The acquisition comes after stripe bought bridge, a stableecoin infrastructure company, for $ 1.1 billion. This agreement led to the stripe launch of stablecoin-funded accounts, enabling companies to hold and move funds abroad using tokens as USDC.
Privy will continue to operate independently, but will be integrated into Stripe’s Krypto tools. The acquisition is expected to close in the coming weeks.
