It appears that Stripe, that ever-progressive company, has decided to acquire Privy, a startup that’s all about crypto wallets. Yes, you read that right—crypto wallets. One can only wonder if this is just a passing fad or a true revolution in digital assets. According to the esteemed Bloomberg (who apparently knows all), this acquisition is part of Stripe’s grander ambition to rule the world of digital wealth. 🤑
Now, you might be wondering, “Didn’t Stripe just spend $1.1 billion on Bridge, the stablecoin platform, like, two weeks ago?” Well, it seems they did! But apparently, they’re not stopping there. Financial terms of this latest deal were kept as secretive as a Victorian diary entry, so don’t hold your breath for those juicy details.
Privy, founded in 2021, has managed to convince companies to let them embed crypto wallets directly into their platforms. Their clients? Oh, just the tiny little players like NFT marketplace OpenSea, Blackbird (a loyalty platform, because who doesn’t love a good loyalty program?), and Toku, a global employment firm. Hardly anyone, really. 😏
Privy’s big claim to fame? Removing the annoying need for external wallet setups. Their goal is to make crypto easier for the uninitiated. In a world where everyone and their grandmother is getting into crypto, Privy’s job is to cut through the “technical” nonsense and offer something more accessible. Why waste time with the complexities of wallets when you could just make it simple, right? The startup was last valued at $230 million in March 2025, which is, I suppose, “a modest sum” for a company tackling the uncharted waters of crypto.
Privy’s CEO, Henri Stern, had this to say, “Wallets were powerful but inaccessible for all but the most technical.” Indeed, Mr. Stern, what an insight. “Developers had to send users off-platform to get started, breaking flows and killing user conversion.” Who would have thought that sending people away from your platform might not work out so well? Not exactly the most groundbreaking revelation, but we’ll take it. 😅
Privy Will Keep Doing Its Own Thing
Stripe has assured everyone that Privy will continue to operate independently, just like its previous acquisition, Bridge. Apparently, Stripe is keen on becoming the one-stop shop for all things crypto-related. They aim to offer end-to-end infrastructure for businesses to build crypto services. Because, clearly, that’s the future—whether we like it or not. 🤷♀️
This deal also plays into Stripe’s larger vision of supporting stablecoin initiatives. Think USDC- and USDB-funded merchant accounts. It’s all part of their plan to corner the market. And in case you missed it, this acquisition is expected to close in the coming weeks. Don’t worry, we’ll all know when it happens. ⏳
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2025-06-11 18:54