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Privy's technology allows for seamless crypto transactions, eliminating the need for users to create external wallets and link them to their accounts, thereby reducing friction and barriers to entry into the crypto universe. The acquisition is part of Stripe's strategy to become a go-to vendor for clients interested in adding support for or launching their own crypto products, following its recent acquisition of stablecoin infrastructure firm Bridge.
“When we started, wallets were powerful but inaccessible for all but the most technical,” Henri Stern, co-founder and chief executive officer of Privy, said in a statement. “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.”
