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Payment processor Stripe has agreed to acquire crypto wallet developer Privy, which helps companies embed wallets into their apps for a smooth user experience.
The terms of the deal were not disclosed.
The purchase is Stripe’s latest foray into crypto, which includes its introduction of a Pay with Crypto feature in October to allow merchants to accept USDC stablecoin payments. It also initiated the $1.1 billion purchase of stablecoin infrastructure provider Bridge that month, though the deal closed in February. In May, Stripe launched Stablecoin Financial Accounts in 101 countries, excluding North America and Western Europe.
“Money has to reside somewhere, and Privy builds the world's best programmable vaults,” Stripe CEO Patrick Collison said in an X post announcing the deal. “Alongside our other stablecoin work, we're looking forward to enabling a new generation of global, internet-native financial services.”
Privy said in a statement that it will continue as a separate company.
When Privy started three years ago, “wallets were powerful but inaccessible for all but power users,” the company said. “Developers had to send users off-platform to get started, breaking flows and killing user conversion. That friction fundamentally constrained what could be built in crypto… We built Privy to abstract away that complexity—making digital assets feel like the rest of the Internet: simple, intuitive and instant.”
Privy said that it now supports 75 million user accounts and facilitates billions of dollars in transactions.
For Stripe, the transaction enables it to support clients such as mainstream tech firms and banks that are interested in launching or supporting their own crypto products.