Major payments firm Stripe has agreed to purchase the crypto wallet firm Privy, according to a post to social media on Wednesday. The terms of the deal have not been disclosed.
Stripe buying Privy follows the payments giant’s acquisition of the stablecoin platform Bridge in a deal worth $1.1 billion. Three months after the acquisition, Stripe launched a new money management feature using U.S. dollar stablecoins.
The fintech acquiring additional technology aimed at growing its footprint in digital assets coincides with a wave of traditional banks and financial institutions pursuing crypto-related ventures with a specific interest in U.S. dollar-pegged stablecoins. To date, the stablecoin market is primarily dominated by Tether’s USDT and Circle’s USDC.
Stripe is one of the largest fintechs in the world an valued in the tens of billions of dollars. It processed more than $1 trillion in payments last year.
According to Privy, it boasts over 75 million accounts. The startup’s wallet-enabled stack enables teams to build secure wallets fully embedded into their products — designed to help users get the benefit of multiple crypto ecosystems while abstracting away some of the complexities, including seed phrases and gas accounting.
“Privy will continue as an independent product – but now we’ll move faster, ship more, and serve you even better, so you can stay focused on your users,” the company said in a post to X.
In March, Privy raised $15 million in a funding round led by Ribbit Capital, which brought the web3 wallet infrastructure firm’s total capital raised to more than $40 million. Other Privy backers include Sequoia Capital, Paradigm, BlueYard and Coinbase.
“From our earliest conversations with Stripe, they impressed us with their craft, ambition, and willingness to imagine new worlds,” the company also said Wednesday. “Like us, they believe in bringing crypto and fiat closer together to change how value moves through the Internet.”
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