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Stripe Acquires Privy to Strengthen Crypto Infrastructure Offering
- Stripe acquires Privy, a software company focused on simplifying access to crypto infrastructure with user-friendly wallet technology.
- Privy was founded over three years ago to make crypto infrastructure more accessible to developers by offering a simple API.
- Privy supports over 75 million accounts, engaging with more than 1,000 developer teams for billions in transactions across diverse use cases.
- Privy will operate independently under Stripe, focusing on product improvement and serving its customer base.
- The acquisition aims to enhance product development and capabilities for developers across both platforms.
- Privy addressed the challenge of user friction with crypto wallets by simplifying wallet setup, aiming to boost user conversion rates.
- Various organizations using Privy include trading platforms, restaurants accepting digital assets, and firms managing payroll in digital currencies.
- Stripe and Privy envision integrating crypto and fiat systems seamlessly to support new financial technologies.
- The acquisition aligns with Stripe's strategy to back new financial technologies and provide inclusive, efficient services for developers.
- Both companies aim to enhance digital ownership usability and adoption within their developer communities.
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