Stripe to Acquire Crypto Infrastructure Firm Privy
Deal aims to accelerate ‘internet-native financial services’
Stripe CEO Patrick Collison announced today that the payments firm will acquire crypto infrastructure provider Privy. The acquisition, expected to close in weeks, was made official through separate announcements from both companies, signaling Stripe’s continued expansion into cryptocurrency services.
Key Deal Terms and Implementation
While details were not disclosed, Privy will maintain operational independence under Stripe’s umbrella. Collison tweeted, “Money has to reside somewhere, and Privy builds the world’s best programmable vaults,” adding Stripe’s commitment to advancing internet-native financial systems.
Privy’s Core Infrastructure
Privy specializes in embedded wallet technology for cryptocurrency applications. This allows developers to simplify user onboarding by eliminating complex seed phrases typically required for crypto wallet creation. According to Privy, their solutions have already been widely adopted across the industry.
Industry Impact
Stripe’s integration of Privy represents a significant strategic move in bridging conventional finance and cryptocurrency. The deal places Stripe among companies actively building the infrastructure for “internet-native financial services,” as stated in their official announcement.
Accelerated Development Timeline
As Privy’s CEO noted in a joint statement, “Like us, Stripe believes in the power of bringing crypto and fintech closer together.” The combined entity plans to rapidly expand this infrastructure, promising enhanced capabilities for both user bases.
The acquisition continues Stripe’s trend of significant crypto-related purchases. In September alone, the company integrated Avalanche’s blockchain technology, and just months earlier, they strategically acquired stablecoin payment platform Bridge.
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