Payments company Stripe has reached an agreement to acquire New York-based crypto wallet provider Privy for an undisclosed amount. The move follows Stripe’s other major acquisition, where it purchased stablecoin firm Bridge for a whopping $1.1 billion.
Privy will continue as an independent product, but has promised users that with the acquisition, they’ll become faster and ship more, according to a blog post by its founders. They emphasised that the idea behind building Privy was to make it easy for anyone to build better products on crypto rails. And that they saw those similarities in Stripe, which believed in the power of bringing crypto and fiat closer together.
Privy specializes in helping companies embed Bitcoin and crypto wallets directly into their apps and websites. Earlier this year, Stripe introduced stablecoin-funded accounts designed to help merchants store funds and make international payments using Circle’s USDC and Bridge’s USDB.
Currently, Privy powers over 75 million accounts across 1,000+ developer teams. It manages billions in transactions and enables users to earn, move, and use new assets online. It now wants crypto users to feel like the rest of the internet, making it simple, intuitive, and instant.
Listing some of its clients on their X post, Privy said that great infrastructure was built working with great teams. And that’s how they have tried to reimagine trading at HyperliquidX. They enable payments for a global workforce via Toku and help with social applications by building a decentralized social network like Farcaster.
“Money has to reside somewhere, and Privy builds the world’s best programmable vaults. Alongside our other stablecoin work, we’re looking forward to enabling a new generation of global, internet-native financial services,” said Patrick Collison, CEO at Stripe, in his X post.
