Stripe acquires crypto wallet provider Privy
Privy said it would still operate as an “independent product” despite the acquisition
Srgr/Shutterstock and Adobe modified by Blockworks
Stripe is acquiring Privy, a crypto wallet provider.
Privy says that it will remain an “independent product” but will operate under Stripe’s umbrella. It will “move faster, ship more, and serve you even better, so you can stay focused on your users.”
The amount was not immediately disclosed. Stripe didn’t immediately return a request for comment.
Bloomberg first reported the news.
“From our earliest conversations with Stripe, they impressed us with their craft, ambition, and willingness to imagine new worlds,” Privy said in a post. “Like us, they believe in bringing crypto and fiat closer together to change how value moves through the Internet.”
The acquisition is just the latest example of Stripe doubling down on crypto.
It bought stablecoin firm Bridge for $1.1 billion in one of the largest crypto acquisitions in history last year. It also reintegrated crypto payments in the US last fall.
Read more: https://blockworks.co/news/stripe-bridge-acquisition-stablecoin-infrastructure
Back in May, Stripe announced that it was rolling out Stablecoin Financial Accounts, which will allow businesses to hold their balances in stablecoins and gives them the option to receive funds on both crypto and fiat rails.
“Because stablecoins make it dramatically faster and cheaper to move money internationally, many of the world’s largest companies are turning to Stripe to help assemble their stablecoin strategies. But a challenge remains: making it possible to spend stablecoins at businesses that only accept fiat currencies,” Stripe said in a press release at the time.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
