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Stripe acquires crypto wallet infrastructure provider Privy
- Stripe has acquired cryptocurrency wallet infrastructure provider Privy.
- Privy, founded in 2021, focuses on privacy and user-owned wallets for online experiences.
- The company offers self-custody wallets generated at signup, utilizing secure enclaves and Shamir’s Secret Sharing.
- Privy provides a developer-friendly wallet infrastructure with API support for various crypto capabilities.
- Privy's technology is used for NFT wallets, with OpenSea as a notable user.
- Privy has facilitated more than 75 million accounts across 1,000+ developer teams.
- Before the acquisition, Privy had raised $41.3 million in funding from investors like Coinbase and Sequoia Capital.
- Stripe previously acquired fintech startup Bridge Ventures Inc. in February.
- Terms of the Privy acquisition were not disclosed, while it was reported Stripe paid $1.1 billion for Bridge Ventures Inc.
- Stripe's recent acquisitions highlight its focus on expanding its fintech offerings.
- Henri Stern, Privy co-founder, emphasized simplifying digital assets integration.
- Privy's system enables secure wallet creation, transaction signing, and on-chain event handling.
- The acquisition aims to enhance Stripe's crypto-related services and strengthen its position in the fintech industry.
- Privy's user-centric approach aligns with Stripe's vision to simplify online transactions.
- Stripe's acquisition of Privy underscores the growing interest in crypto and decentralized finance technologies in the industry.
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