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Quick take:
The acquisition highlights Stripe’s growing expansion into digital assets after introducing stablecoin support with the Bridge acquisition.
Privy will continue to operate as an independent product within the Stripe ecosystem.
The wallet infrastructure provider believes the acquisition gives it more resources, flexibility, and firepower to continue building for developers building on crypto rails.
Stripe has acquired wallet infrastructure provider Privy in an undisclosed deal announced on Wednesday. The acquisition expands the global payments company’s digital payments ecosystem following its acquisition of Bridge last year.
Stripe announced in February that the acquisition of the stablecoin infrastructure startup is now complete.
According to the announcement on Privy’s X account, the crypto wallet startup will continue to operate as an independent product, within Stripe’s ecosystem. Privy believes the acquisition gives it more resources, flexibility, and firepower to continue building for developers building on crypto rails.
According to Privy, its crypto wallet infrastructure supports more than 50 million wallets worldwide, with the likes of Hyperliquid, Blackbird and Farcaster among companies leveraging its platform to provide wallet services.
The company says its platform abstracts the complexity of crypto wallets, making crypto feel simple, intuitive and instant, “like the rest of the internet.”
“Today, we power 75M+ accounts across 1,000+ teams, enabling billions in transactions across wallets, apps, and users,” Privy wrote on X.
Commenting on the acquisition, Privy wrote: “From our earliest conversations with Stripe, they impressed us with their craft, ambition, and willingness to imagine new worlds. Like us, they believe in bringing crypto and fiat closer together to change how value moves through the Internet.”
For Stripe, the announcement also follows Briddge’s recent partnership with Visa to power the payments service provider’s stablecoin-linked Visa Cards in Latin America.
In March, Privy raised $15 million in a funding round led by Ribbit Capital with participation from Sequoia Capital, Paradigm, and Coinbase, co-founder and CEO Henri Stern. The fundraising brought the total raised by the crypto wallet infrastructure startup to $40 million.
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