Stripe acquires crypto wallet infrastructure company Privy to continue expanding Web3 layout

According to reports, US payment company Stripe announced that it has signed an agreement to acquire crypto wallet infrastructure provider Privy for an undisclosed amount. This is another strategic move by Stripe in the field of crypto finance following the acquisition of stablecoin infrastructure company Bridge.

Privy provides developers with embeddable wallet creation and management services, supporting users to complete on-chain interactions without touching private keys, and improving the usability and compliance of Web3 products. Several Web3 projects, including NFT trading platform OpenSea, have integrated Privy solutions to simplify the access and use of crypto assets.

Stripe CEO Patrick Collison said in the announcement that by integrating the technical capabilities of Privy and Bridge, Stripe will provide users around the world with more robust and scalable crypto-native financial services, focusing on promoting core capabilities such as wallet custody, on-chain payment and identity authentication.

The transaction is expected to be completed within a few weeks. After the Privy team is incorporated into Stripe's crypto infrastructure department, it will continue to maintain the stable operation of existing services.

Stripe has gradually restarted crypto-related businesses since 2022, and has supported stablecoin payments including USDC, and has piloted crypto payment settlement services in some countries. Analysts believe that with the further integration of traditional payment companies and blockchain infrastructure, crypto wallets and stablecoin payments will become an important interface layer for future financial products.