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Stripe Acquires Privy to Power Seamless Crypto Wallet Integration for Developers
- Stripe has acquired Privy, a provider of crypto wallet infrastructure, to simplify digital asset onboarding for mainstream businesses.
- Privy, known for enabling apps and platforms to embed crypto wallets seamlessly, powers over 75 million accounts across 1,000+ teams.
- The undisclosed acquisition deal is expected to close in the coming weeks, following Stripe's recent $1.1 billion purchase of Bridge, a stablecoin infrastructure firm.
- Privy's technology eliminates the need for consumers to set up external wallets like MetaMask or Coinbase by enabling embedded wallets within partner applications.
- Privy's wallet technology will become part of Stripe's expanding crypto infrastructure, with Privy operating independently.
- Stripe aims to provide a unified suite of tools for developers and businesses in the blockchain infrastructure space, enhancing global financial services with Internet-native capabilities.
- Privy, founded in 2021, has seen rapid growth, supporting over 75 million accounts, and is backed by investors like Coinbase Ventures, Sequoia Capital, and Ribbit Capital.
- Stripe re-entered the crypto space by enabling USDC stablecoin payments for merchants and offering stablecoin-funded accounts to facilitate global fund movements.
- With the Privy acquisition, Stripe expands its focus on stablecoins and blockchain-based financial services, targeting fintech companies and large enterprises.
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