Stripe is acquiring the Crypto Wallet Infrastructure Provider Privy as part of a broader plan to make blockchain tools easier to integrate into mainstream digital products.
Privy creates embedded wallets for apps and websites, ensuring that users do not have to sign up for external crypto wallets such as Metamasks. The terms of the transaction, first reported by Bloomberg and confirmed by Privy, have not been revealed.
The company’s technology is used by decentralized Exchange Hyperquid, restaurant loyalty farm Blackbird, and HR platform Toku to simplify onboarding and reduce user drop-offs.
Privy has revealed that since its launch in 2021, it has now strengthened more than 75 million accounts across more than 1,000 teams.
According to data from Thetie, the New York-based company has raised more than $40 million from investors such as Paradigm, Coinbase and Sequoia Capital.
The acquisition comes after Stripe purchased Bridge, a Stablecoin infrastructure company, for $1.1 billion. The transaction allowed Stripe to launch Stablecoin funded accounts and use tokens such as USDC to hold and move funds abroad.
Privy continues to work independently, but is integrated into Stripe’s suite of cryptographic tools. The acquisition is expected to close in the coming weeks.
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