Stripe acquires Privy, a crypto wallet infrastructure firm, to enhance digital asset integration, following its $1.1B Bridge deal.
Stripe, a payment processor, has reached an agreement to acquire Privy, a cryptocurrency wallet service provider. Although the specifics of the transactions are still being kept confidential, the acquisition will not incorporate Privy into Stripe’s offerings; instead, it will continue to evolve as a standalone project.
Stripe Consents to Acquire Privy in a Confidential Agreement
Stripe is maintaining its acquisition streak, with the most recent acquisition being an expansion into digital assets. According to a disclosure on X, Stripe will acquire Privy, a digital wallet infrastructure provider. However, the transaction’s specifications are still unknown.
The deal’s value is still uncertain; however, preliminary reports indicate that Privy will function as an autonomous initiative that is distinct from the remainder of Stripe’s portfolio. Privy observed that the payment giant’s acquisition of the company will enable it to broaden the scope of its services for users, resulting in a mutually beneficial outcome for all parties.
“Privy will continue as an independent product – but now we’ll move faster, ship more, and serve you even better, so you can stay focused on your users,” read an announcement.
Since its inception, the three-year-old organization has generated impressive metrics, enabling 75 million accounts throughout the ecosystem. Hyperliquid, OpenSea, and Farcaster are among the industry titans for which Privy provides its services as it develops consumer cryptocurrency wallets.
According to Privy’s statement, Stripe’s craft, ambition, and willingness to envision new worlds impressed us from our initial discussions. “They, like us, are committed to integrating crypto and fiat to alter how value is transferred across the internet.”
Stripe acquired Bridge, a stablecoin startup company, for $1.1 billion in a protracted negotiation between the parties before Privy. The rally that followed the US-China trade agreement is still causing cryptocurrency prices to surge minutes after the announcement.
The cryptocurrency ecosystem has been inundated by high-profile acquisitions, which have masked the distinction between Tradfi and DeFi. The ecosystem was impacted by Coinbase’s acquisition of Deribit for nearly $3 billion, while Kraken’s acquisition of NinjaTrader emphasized the sector’s increasing influence. Robinhood has acquired Bitstamp, while Ripple’s acquisition of Hidden Road remains controversial.
