Stripe has firmly established itself in the digital assets sector after acquiring cryptocurrency wallet provider Privy.
Confirming the deal on June 11, Privy announced it will continue to operate as an independent product but will work under the financial services umbrella.
Privy was founded three years ago to provide businesses and financial institutions with cryptocurrency payment rails to connect with relevant crypto wallets. The company acts as an infrastructure provider to help integrate crypto wallets and rails into websites and apps.
This is performed through the use of a single API, which connects to crypto wallets to help users make transactions and integrate any blockchain system.
Privy powers more than 75 million accounts from over 1,000 developer teams, processing billions in transactions, which will enable Stripe to fuel its various crypto-related offerings, such as its Stablecoin Financial Accounts service launched on May 7.
In March 2025, Privy raised $15m in a funding round that involved Coinbase, Sequoia Capital and was led by Ribbit Capital. This brought total funding for Privy to $40m with the company stating it will use the capital to double its workforce from 25 employees.
“Today, digital ownership and the financial systems that run the modern world are intersecting as never before. Like us, Stripe believes in the power of bringing crypto and fiat closer together, marrying these systems so deeply that the distinction becomes almost meaningless,” stated Privy.
“Joining Stripe will accelerate our work to shape this future and provide powerful new capabilities to Stripe and Privy customers alike. Together, we can change how value moves through the Internet.”
Stripe’s latest crypto endeavour
The acquisition of Privy follows a similar crypto-related deal that saw Stripe acquire stablecoin acquiring platform Bridge for $1.1bn in October 2024.
As the parent company of Bridge, the company helped Stripe launch several stablecoin launches in May, including the Stablecoin Financial Accounts, a money management service that enables businesses to handle and manage stablecoins to receive and send funds in the digital currency.
Stripe will initially support two dollar-pegged stablecoins, USDC and Bridge’s USDB, with more expected soon. This aims to help businesses in countries with volatile currencies better access the global economy.
With the new US Treasury Secretary Scott Bessent stating on June 11 that the US dollar-backed stablecoin market is expected to reach $2trn by 2028, companies like Stripe have been increasing their efforts to support businesses and customers’ access to stablecoins and other digital currencies.
