Stripe acquires a private cryptographic portfolio infrastructure provider, as part of its wider plan to make blockchain tools easier to integrate into traditional digital products.
Privy creates on -board portfolios for applications and websites, which saves users to have to register for external cryptographic portfolios like Metamask. The conditions of the transaction, which were reported for the first time by Bloomberg and confirmed by Privy, were not disclosed.
Company technology is used by decentralized exchange hyperliquid, the loyalty company for Blackbird restaurants and the HR toku platform to simplify integration and reduce user deposit.
Privy has revealed that since its launch in 2021, it has grown up to feed more than 75 million accounts within more than 1,000 teams “allowing billions of transactions between portfolios, applications and users”.
The company based in New York has raised more than $ 40 million in investors, including Paradigm, Coinbase and Sequoia Capital, according to Theie data.
The acquisition comes after Stripe bought Bridge, a Stablecoin infrastructure company, for $ 1.1 billion. This agreement led to Stripe Laning accounts funded by stables, allowing companies to hold and move funds abroad using tokens like USDC.
Privy will continue to operate independently, but will be integrated into the stroke of Stripe Crypto tools. The acquisition is expected to close in the coming weeks.
