Payment Company Stripe to Acquire Crypto Wallet Provider Privy

Stripe Inc. agreed to acquire crypto wallet provider Privy, building on the payment company’s recent acquisition of stablecoin infrastructure firm Bridge.

Terms of the transaction weren’t disclosed.

Privy helps companies build crypto wallets into their user experiences. Non-fungible token marketplace OpenSea, for example, uses Privy to enable customers to purchase NFTs directly from its platform. Behind the scenes, Privy creates a wallet on behalf of the consumer which facilitates their purchase. Before the partnership, OpenSea customers needed to create an external wallet through a provider like MetaMask or Coinbase Wallet and link it to their account. The extra steps added ...