Stripe acquires Privy, enhancing crypto integration solutions

12th June 2025 – (New York) Yesterday, Stripe announced its acquisition of Privy, a provider of white label onboarding and wallet services for developers seeking to incorporate crypto solutions. The startup, established three years ago, has experienced significant growth, boasting 75 million wallets supporting 1,000 applications, a notable increase from the 50 million wallets it supported during its last funding round in March. Privy has amassed $40 million in funding to date.

This development closely follows Stripe’s recent introduction of stablecoin financial accounts in the market, post its acquisition of stablecoin infrastructure company Bridge for $1.1 billion in October 2024. Stripe’s venture into the blockchain realm aligns with its strategic direction, especially considering the presence of Matt Huang from crypto venture firm Paradigm on its board since November 2021. With a lean board comprising only seven members, including the founders and representatives from Sequoia, both Paradigm and Sequoia have been key supporters of Privy.

Stripe’s move to integrate Privy further underscores its evolution beyond conventional payment services. While renowned for its e-commerce payment solutions, Stripe diversified its offerings by launching a Point of Sale terminal in 2018. Notably, Privy’s wallet includes tap-to-pay functionality, utilized by a spectrum of companies ranging from NFT platform OpenSea to social networks like Farcaster and Zora.

One of Privy’s backers, Sequoia, expressed optimism, emphasizing Privy’s role in shaping the future landscape of global finance. In a statement, Sequoia highlighted Privy’s potential within Stripe, stating, “As part of Stripe, the potential ahead for Privy is boundless. We can’t wait to see how this team shapes the future of finance.”

This move into stablecoin infrastructure coincides with the industry’s heightened interest as stablecoin legislation in the United States nears approval and stablecoin issuer Circle’s recent listing. Circle’s stock issuance began at $31 and has since surged to $118, reflecting the current market enthusiasm for stablecoin solutions.