Main takeout
- Stripe agreed to strengthen its financial services by acquiring Crypto wallet provider Privy.
- Like Bridge, Privy continues to operate independently.
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STRIPE acquires Privy, a New York -based Crypto wallet infrastructure company, as part of its continued expansion into a digital asset space. This action follows a $ 1.1 billion BRIDGE purchase of STRIPE, a Stablecoin infrastructure company.
In the Wednesday statement, Privy said, “Privy will continue to be an independent product, but now it moves faster, delivers more, and provides better services, so you can focus on users.
Patrick Collison, a stripe CEO, said Privy could help strengthen Stripe’s goal to build a safe Internet basic financial infrastructure for the global economy.
Collison said, “Money must live somewhere, and Privy builds the world’s best programming vaults.” With other stable work, we expect to enable new generations of global Internet native financial services. “
PRIVY, which is openly opened in early 2024, is designed to simplify boarding as a consumer encryption application by providing basic developer libraries and built -in wallet solutions in the app.
This approach reduces friction by allowing users to join in a familiar way like email, and wallets are made and managed to avoid relying on external wallets such as meta masks.
The company is supported by the highest levels of investors, including Sequoia Capital, Paradigm, Coinbase Ventures and Ribbit Capital.
Sponsored by STRIPE, PRIVY can now help more developers can build an app that improves the financial infrastructure, sequoia said as a celebration notes for the team.
“If you join a stripe, Privy will provide services to existing customers with more resources and make more developers change through the Internet.” I think it’s just the beginning of the journey. “
The completion of the transaction is expected in a few weeks according to the implementation of the deadline.
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