Stripe to Acquire Crypto Wallet Provider Privy for Web3 Integration
Stripe is acquiring crypto wallet infrastructure provider Privy to enhance blockchain tool integration into digital products. Key points include:
- Privy develops embedded wallets for apps and websites, eliminating the need for external crypto wallets.
- Transaction terms were not disclosed.
- Privy's technology is used by decentralized exchange Hyperliquid, restaurant loyalty firm Blackbird, and HR platform Toku.
- Since its launch in 2021, Privy has facilitated over 75 million accounts and billions in transactions.
- The firm has raised over $40 million from investors such as Paradigm, Coinbase, and Sequoia Capital.
- This acquisition follows Stripe's $1.1 billion purchase of stablecoin infrastructure firm Bridge.
- Privy will operate independently while being integrated into Stripe’s crypto tools.
- The acquisition is expected to close in the coming weeks.