Payments giant Stripe is acquiring crypto wallet infrastructure startup Privy for an undisclosed fee.
The deal marks Stripe’s significant return to the crypto space after a six-year hiatus, following its recent $1.1 billion acquisition of stablecoin platform Bridge.
Founded three years ago, Privy is focused on simplifying the development of crypto-based products. By using a single API, clients can create wallets, sign transactions, and integrate any on-chain system, eliminating the need for external wallets.
Privy claims to support over 75 million accounts across more than 1,000 developer teams and has facilitated billions in transactions. Its clients include trading platform Hyperliquid and the restaurant app Blackbird.
Similar to Bridge, Privy will function as an independent product under Stripe. Founders Henri Stern and Asta Li stated, “Joining Stripe will accelerate our work to shape this future and provide powerful new capabilities to Stripe and Privy customers alike. Together, we can change how value moves through the Internet.”