Stripe to acquire crypto wallet provider Privy
Stripe has said it will buy Privy, a company from New York that focuses on crypto wallet systems. This move is part of Stripe’s plan to grow in the digital asset area. Stripe bought Bridge, a company that helps with stablecoins, for $1.1 billion. This is their latest purchase. The money details of the Privy deal have not been shared.
Privy will keep working as its own product. The goal is to make its features better and provide a good service for users. Stripe CEO Patrick Collison said that Privy fits with Stripe’s goal of building a safe, online financial system for the world. He said that Privy makes special vaults that can be programmed. These vaults are important for the future of financial services.
Privy will launch in early 2024. It wants to make it easier for people to start using crypto apps. It offers tools for developers and easy-to-use wallet options that fit well into apps, letting users sign up with common methods like email. This method makes things smoother by handling wallets in the background, which lowers the need for outside wallets like MetaMask.
Privy has received backing from well-known investors like Sequoia Capital, Paradigm, Coinbase Ventures, and Ribbit Capital. With Stripe’s help, Privy is set to get better. This will allow more developers to build apps that make financial systems work better.
Sequoia is sure about the partnership. They see a chance for Privy to help its current customers more and to let developers create new ideas in the digital finance world.
