Payments platform Stripe has announced its acquisition of a crypto wallet provider shortly after closing a $1 billion deal to purchase the stablecoin firm Bridge.
In a post on the social media platform X, crypto wallet company Privy says it’s been bought out by Stripe, a firm that provides payment infrastructure for businesses.
“Today, we’re proud to announce that Stripe is acquiring Privy. We couldn’t be more excited. Privy will continue as an independent product – but now we’ll move faster, ship more, and serve you even better, so you can stay focused on your users.”
Earlier this year, Stripe completed its purchase of stablecoin issuer Bridge, the company behind USDB, a programmable dollar-pegged crypto asset backed by a combination of cash and money market funds held by BlackRock.
As stated by Zach Abrams, co-founder of Bridge, at the time,
“We closed our acquisition with Stripe! Together we’re scaling digital dollars to businesses everywhere. Stablecoins aren’t the future- they’re already transforming how people move money today.”
Earlier this month, Stripe reportedly was in talks with unnamed banks regarding their potential use of stablecoins. Stripe co-founder and president John Collison said that banks seem eager to work with dollar-pegged digital assets.
“In the conversations we have with them, they’re very interested. This is not something that banks are just kind of brushing away or treating as a fad. Banks are very interested in how they should be integrated with stablecoins into their product offerings as well.”
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