- Stripe acquired crypto wallet firm Privy, deepening its presence in the digital asset sector.
- Privy’s platform supports over 75 million accounts and facilitates billions of dollars in transactions.
- The acquisition follows a recent expansion of Stripe’s global money movement capabilities.
- Stripe introduced new tools for managing multi-currency balances and supporting 25 new payment methods.
- Stripe executives highlighted interest in stablecoins and Artificial Intelligence as key future trends.
Stripe has acquired Privy, a crypto technology company that provides digital wallet infrastructure. Privy announced the deal on June 11. The companies did not reveal the purchase price.
Privy builds tools for companies to create and manage crypto wallets. In a blog post, Privy stated that its technology uses a simple application programming interface (API) that allows businesses to set up digital wallets, authorize blockchain transactions, and connect with other on-chain systems. Privy reports powering more than 75 million accounts for over 1,000 developer teams, supporting transactions worth billions of dollars.
“Like us, Stripe believes in the power of bringing crypto and fiat closer together, marrying these systems so deeply that the distinction becomes almost meaningless. Joining Stripe will accelerate our work to shape this future and provide powerful new capabilities to Stripe and Privy customers alike,” wrote Henri Stern, CEO of Privy, in the announcement. “Together, we can change how value moves through the Internet.”
This deal follows Stripe’s announcement of a major expansion of its money movement services. The payment platform now allows businesses in the U.K. to maintain and spend in multiple currencies from their Stripe account, and make payouts to third parties in 50 countries using just an email address.
Stripe’s expansion also includes support for 25 additional payment methods, such as India’s UPI and Brazil’s Pix system. These are real-time, digital payment networks used widely in their respective countries.
In a recent news release, Stripe co-founder John Collison highlighted stablecoins and artificial intelligence as major trends. “Stablecoins are the underdog that everyone’s sleeping on, and AI is on the cusp of rewiring how commerce takes place online through agentic transactions,” Collison said. He added, “Our intent is to pull the future forward for all of you, building on Stripe.”
Last month, Collison told Bloomberg News that Stripe had started early discussions with banks about integrating stablecoins—a type of cryptocurrency designed to maintain a stable value—into their services. He said banks are showing strong interest in how stablecoins could be added to their offerings.
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