- Stripe agreed to acquire Privy, a company that provides onboarding and wallet services for developers in crypto projects.
- Privy currently supports 75 million crypto wallets and works with 1,000 applications.
- The acquisition follows Stripe’s recent launch of stablecoin accounts and its earlier purchase of stablecoin infrastructure firm Bridge for $1.1 billion in October 2024.
- Both Paradigm and Sequoia, which back Privy, have representation or investment ties with Stripe.
- Market interest in stablecoin infrastructure is high, boosted by expected U.S. legislation and strong performance by stablecoin company Circle on the stock market.
Stripe has reached an agreement to acquire Privy, a technology company known for its white label onboarding and wallet service for crypto developers. The deal brings Privy’s fast-growing wallet infrastructure into Stripe’s expanding range of financial offerings.
Privy, founded three years ago, reported supporting 75 million crypto wallets—up from 50 million in March—and 1,000 different applications. The company has secured $40 million in funding so far. Its clients include NFT marketplace OpenSea and social platforms Farcaster and Zora.
This acquisition comes shortly after Stripe launched stablecoin financial accounts, following the $1.1 billion buyout of stablecoin infrastructure provider Bridge in October 2024. Since November 2021, Stripe’s board has included Matt Huang from the crypto-focused investment firm Paradigm. Paradigm, as well as investment firm Sequoia, have both invested in Privy.
Sequoia commented in a statement that “Privy is addressing a sea change that will redefine global finance over the next 20 years. That opportunity hasn’t changed, but in joining Stripe, Privy can further catalyze it.” Sequoia also noted that “The potential ahead for Privy is boundless. We can’t wait to see how this team shapes the future of finance.”
Stripe originally focused on payments for e-commerce but has since expanded its services. In 2018, it introduced a Point of Sale terminal. Privy has added tap-to-pay features to its wallet solution for companies across digital assets and social media.
Market excitement around stablecoin infrastructure is rising, as new U.S. legislation is expected and stablecoin provider Circle recently experienced strong stock market performance. Circle’s stock issuance price was $31, and recent quotes show it at $118.
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