Stripe, a leading payments company, announced its acquisition of Privy, a crypto wallet infrastructure firm known for embedding wallet technology into applications like Pump.fun, OpenSea, and Hyperliquid. This acquisition marks Stripe's second significant crypto-related purchase in the past year, following its $1.1 billion acquisition of stablecoin payment platform Bridge in 2024.
Privy's embedded wallets allow users to create and use crypto wallets seamlessly without memorizing seed phrases or relying on third-party wallets such as MetaMask. In just three years, Privy has powered over 75 million accounts and supported more than 1,000 developer teams, enabling billions of transactions across various wallets and apps.
Stripe CEO Patrick Collison highlighted that Privy builds "the world’s best programmable vaults" and emphasized the company's mission to bridge crypto and fiat financial systems. Under Stripe's ownership, Privy will continue operating as an independent product but will benefit from accelerated development and integration into Stripe’s expanding suite of crypto tools.
The acquisition is part of Stripe’s broader strategic move to facilitate the adoption of blockchain technologies in mainstream financial services, including its recent initiatives around stablecoin financial accounts. Privy’s technology is expected to improve onboarding experiences and reduce user friction in crypto applications, fostering new generation internet-native financial services.
Terms of the deal were not disclosed, and the acquisition is anticipated to close in the coming weeks.