Paula Tudoran
4 min read
In This Article:
Privy, a New York–based cryptocurrency wallet infrastructure provider, announced on June 11 that Stripe would acquire it to support Stripe's Bitcoin and digital asset strategy. The deal follows Stripe's $1.1 billion acquisition of stablecoin platform Bridge in February.
Privy specializes in embedding cryptocurrency wallets directly into websites and apps, removing the need for users to interact with third-party tools like MetaMask or Coinbase. Clients include OpenSea, Hyperliquid, Toku, and Farcaster, platforms that rely on frictionless wallet infrastructure to improve user onboarding and boost retention, Bitcoin Magazine reports.
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The company was founded in 2021 by Henri Stern, a former research scientist at Protocol Labs, and Asta Li, a founding engineer at Aurora. According to Bitcoin Magazine, Privy raised over $40 million from investors such as Ribbit Capital, Definition, and Coinbase Ventures and was last valued at $230 million in March.
Privy will remain a standalone product, continuing to support more than 1,000 developer teams and over 75 million active accounts. The startup says that these wallets are tied to billions of dollars in transaction volume, with use cases spanning payments, payroll, trading, and social applications.
Privy says it focused on solving one of the biggest user-experience problems in cryptocurrency by addressing how difficult wallets were for everyday users, especially when third-party setups added extra friction. Developers often had to send users off-site just to get started, leading to broken onboarding flows and high drop-off rates. This friction limited what could be built and scaled on blockchain rails.
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Privy's core pitch is that cryptocurrency products should work with the same ease and clarity users expect from any modern app. By generating wallets behind the scenes, the platform gives developers the tools to build cryptocurrency-enabled services that mirror the experience of traditional fintech products.
Privy will now integrate closely with Bridge and Stripe's core payments infrastructure, bringing together wallets, stablecoins, and fiat payments into one stack, Bitcoin Magazine says. Earlier this year, Stripe introduced stablecoin-funded merchant accounts powered by Circle's USDC and Bridge's USDB.
