Stripe to acquire crypto wallet Privy
How much was this acquisition for?
$1.1 Billion was spent to enable Stripe to dig deeper into digital finance options.
Who is Privy?
Privy was started in late 2021 in New York. They are a crypto wallet infrastructure firm, which empowers users and applications to transact on hundreds of blockchains, including Ethereum, Solana, Base, etc. Their wallet provides coverage and access to over 75 Million users and billions in volume. Their wallets are smart, programable and already on chain!
Why would Stripe entertain acquiring Privy?
The overall goal, is to enhancing their financial services offering. In my estimation buying versus building is a critical step to leapfrog competition. This complements their recent stablecoin actions. Additionally, Stripe co-founder John Collison said banks are showing tremendous interest in stablecoins and can use Privy wallets to integrate their product offerings.
Summary
No surprise to the Pub0x realm, that Crypto wallets are a key element of Crypto adoption, Stripe understand this fully too. Privy wallets will directly allow rapid growth from retail users to institutions alike all while leaving complexity in the dustbin. Let's go!
Credit - Blog image = cryptobriefing.com = ALL RIGHTS REMAIN!