Stripe Inc. has announced its acquisition of crypto wallet infrastructure provider Privy, marking a significant move in the digital asset space. This acquisition follows Stripe's earlier purchase of stablecoin firm Bridge for $1.1 billion. Privy helps companies integrate Bitcoin and crypto wallets into their applications seamlessly, improving user experience. CEO Henri Stern emphasized the company's mission to minimize user friction in crypto transactions, enabling developers to create better products without complicated wallet setups. The firm, founded in 2021, was valued at $230 million earlier this year and has raised substantial capital from leading investors.
"When we started, wallets were powerful but inaccessible for all but the most technical... That friction fundamentally constrained what could be built in crypto."
"We started Privy a little over three years ago to make it easy for any developer to build better products on crypto rails."
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