Payment processor Stripe has agreed to acquire crypto wallet developer Privy

The terms of the deal were not disclosed. The purchase is Stripe's latest foray into crypto

Payment processor Stripe is acquiring crypto wallet developer Privy to help companies seamlessly integrate wallets into their apps.

The terms of the deal were not disclosed.

The purchase marks Stripe’s latest move into crypto following the introduction of its Pay with Crypto feature in October, which allows merchants to accept USDC (USD Coin) payments. It also began the $1.1 billion acquisition of stablecoin infrastructure provider Bridge that month, with the deal closing in February. In May, Stripe launched Stablecoin Financial Accounts in 101 countries, excluding North America and Western Europe.

“Money has to reside somewhere, and Privy builds the world's best programmable vaults,” Stripe CEO Patrick Collison said in an X post announcing the deal. “Alongside our other stablecoin work, we're looking forward to enabling a new generation of global, internet-native financial services.”

Privy said in a statement that it will continue as a separate company.

"When we started Privy three years ago, wallets were powerful but inaccessible for all but power users. Developers had to send users off-platform to get started, breaking flows and killing user conversion. That friction fundamentally constrained what could be built in crypto," Privy said. "We built Privy to abstract away that complexity—making digital assets feel like the rest of the Internet: simple, intuitive and instant."

The company said that it now supports 75 million user accounts and facilitates billions of dollars in transactions.

The transaction also supports Stripe's clients—mainstream technology companies and banks—who are interested in launching or supporting their own crypto products.