Payment company Stripe continues to assemble tools for working with digital assets. Following its recent acquisition of stablecoin-related startup Bridge, Stripe has announced the purchase of crypto wallet developer Privy. The deal aims to simplify user access to Web3 services. Financial terms were not disclosed.
What Privy Does
Privy develops embedded wallet technology that allows companies to integrate cryptocurrency infrastructure directly into their product interfaces. Among its clients is the marketplace OpenSea, which, through Privy, enabled buyers to purchase NFTs directly on the platform without creating an external wallet via MetaMask or Coinbase Wallet.
The service automatically generates a wallet on behalf of the user and streamlines the entire purchase process. Founder and CEO Henri Stern explained that wallets were originally too complex for mass adoption and hindered the growth of crypto services. Users had to leave the platform, disrupting the conversion funnel.
In addition to OpenSea, Privy’s solutions are used by the startup Blackbird in the restaurant loyalty segment and the global HR firm Toku.
Who Is Behind Privy
Privy was founded in New York in 2021 by Henri Stern and Asta Li. According to Bloomberg, Stern previously worked at Protocol Labs, while Li was an engineer at Aurora. The company has raised just over $40 million from investors including Ribbit Capital, Definition, and Coinbase Ventures. As of March 2025, Privy was valued at $230 million according to PitchBook.
What Stripe Plans
In a statement, Stripe co-founder and CEO Patrick Collison emphasized that integrating Privy's wallets with Stripe’s payment infrastructure will enable the development of a new generation of internet-based financial services. Privy will continue operating as a standalone product.
The acquisition comes shortly after Stripe’s $1.1 billion purchase of Bridge. In April, Stripe introduced stablecoin-based accounts using USDC and USDB (issued by Bridge), allowing users to hold funds and pay international invoices in cryptocurrency.
The current deal with Privy is still pending and undergoing standard legal procedures. Finalization is expected in the coming weeks.
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