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.
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Embedded Crypto Infrastructure, Now at Global Scale
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.
Stripe's Long Game in Crypto Takes Shape
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.
“Money has to reside somewhere, and Privy builds the world’s best programmable vaults. Alongside our other stablecoin work, we’re looking forward to enabling a new generation of global, internet-native financial services,” co-founder and CEO of Stripe Patrick Collison wrote on X.
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Privy mentions Stripe's intensity, attention to detail, and long-term vision in the statement as key reasons for joining forces. From early discussions, both teams aligned on the belief that digital finance is evolving beyond legacy boundaries. As the lines between cryptocurrency and fiat systems blur, Privy saw an opportunity to scale its mission within a platform already known for reshaping global payments.
The partnership is expected to accelerate product innovation and unlock new tools for developers and businesses building on digital rails. Privy says that integrating with Stripe would help advance how value moves across the internet, blending cryptocurrency-native infrastructure with modern financial services at a global scale.
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