Stripe is acquiring crypto wallet startup Privy for an undisclosed amount. This acquisition represents Stripe’s apparent desire to re-enter the cryptocurrency space in a big way after a six-year withdrawal. The acquisition comes on the heels of Stripe’s $1.1 billion takeover of stablecoin platform Bridge.

Privy came on the scene about three years ago, co-founded by Henri Stern and Asta Li. Their mission is to make it easier for developers to build the products of tomorrow with cryptocurrency. Clients include trading platform Hyperliquid and restaurant app Blackbird. Stripe by the numbers Stripe now powers more than 75 million accounts (aka revenue streams / payment systems) across more than 1,000 developer teams and orchestrates billions in transactions.

Adding Privy to the Stripe family of products will bring advanced new capabilities to Stripe customers — as well as Privy customers. Privy provides crypto wallet infrastructure. Meanwhile, Stripe is making a big play for the lucrative crypto market. In a bid to strengthen that strategy, it recently acquired the stablecoin platform Bridge.

"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." - Henri Stern and Asta Li

This acquisition marks an important move for Stripe. In particular, it’s using innovation to bolster its position in the rapidly evolving landscape of Web3 and digital payments.