Stripe's acquisition of Privy further completes its stablecoin infrastructure

Words: Will AwangU.S

. payments giant Stripe announced on June 12 the acquisition of Privy, a popular embedded wallet infrastructure provider that has helped platforms like Hyperliquid, OpenSea, Blackbird, and Toku embed crypto wallets directly into the user experience, removing the complexity of user operations and increasing conversion rates.

Stripe is a payments platform that serves half of the Fortune 100 and 78% of the Forbes AI 50. Last year, Stripe processed $1.4 trillion in payment transactions, up 38% year-over-year. Revenue processed on Stripe is growing seven times faster than S&P 500 companies, which gives the platform a huge presence in mainstream commerce. In other words, Stripe is the perfect place to drive stablecoins.

For Stripe, who is well versed in the cryptocurrency of money, this acquisition is another major bet in the stablecoin market after it spent $1.1 billion to acquire stablecoin service provider Bridge last October. On...

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