Breaking: Stripe Inks Deal To Purchase Crypto Wallet Provider Privy

Payment processor Stripe has finalized terms for a deal to acquire Privy, a cryptocurrency wallet service provider. While details of the transactions are still under wraps, the acquisition will not lump Privy into Stripe’s offerings but will continue its development as an independent project.

Stripe Agrees To Purchase Privy In A Confidential Deal

Stripe is continuing its streak of acquisitions with the latest being an expansion into digital assets. According to a disclosure on X, Stripe will acquire digital wallet infrastructure provider Privy, but specifics of the transaction remain under wraps.

The value of the deal remains unclear, but early sources confirm that Privy will operate as an independent project distinct from the rest of Stripe’s offering. Privy noted that its acquisition by the payment giant will allow it to expand the scope of its services for users in a win-win for all parties.

“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,” read an announcement.

The three-year-old company reeled out glowing metrics since its launch, powering 75 million accounts across the ecosystem. Privy offers its services to a range of industry heavyweights like Hyperliquid, OpenSea, and Farcaster, creating crypto wallets for consumers.

“From our earliest conversations with Stripe, they impressed us with their craft, ambition, and willingness to imagine new worlds,” said Privy’s statement. “Like us, they believe in bringing crypto and fiat closer together to change how value moves through the internet.”

Prior to Privy, Stripe had snapped up stablecoin startup firm Bridge for $1.1 billion in a long-drawn negotiation between parties. Minutes after the announcement, cryptocurrency prices are still surging from the rally following the US-China trade deal.

The cryptocurrency ecosystem has been inundated by a wave of high-profile acquisitions, blurring the lines between Tradfi and DeFi. Coinbase’s acquisition of Deribit for nearly $3 billion sent ripples through the ecosystem while Kraken’s purchase of NinjaTrader underscored the sector’s growing influence. Robinhood has acquired Bitstamp, while Ripple’s Hidden Road acquisition continues to raise eyebrows.