Stripe has acquired the cryptocurrency wallet infrastructure developer Privy, with the amount undisclosed, highlighting the global payment processor's increasing shift towards the digital asset space.
Privy announced the acquisition on Wednesday via social media, confirming that it will continue to operate as an independent product within the Stripe ecosystem.
As part of Stripe, Privy stated it will "continue to support developers building on the crypto track, but now with more resources, flexibility, and firepower."
Bloomberg was the first to report on the acquisition, but did not disclose specific financial terms.
Although not widely known in the crypto space, Privy provides infrastructure support for companies developing digital asset wallets. The company claims its technology supports over 50 million crypto wallets globally.
After exiting the crypto space for six years, Stripe marked its significant return last October by allowing merchants to accept payments in USDC (USD Coin) stablecoin.
Since then, its push in the stablecoin payment sector has intensified. As Cointelegraph recently reported, Stripe has launched stablecoin accounts for customers in over 100 countries.
As of May 7, Stripe users can send and receive dollar-pegged stablecoins just like traditional bank accounts.
Stripe co-founder and president John Collison stated in an interview with Bloomberg that, based on his discussions with global financial institutions, banks are showing increasing interest in stablecoins.
Collison said, "Banks are very interested in how to integrate stablecoins into their product offerings."
However, not everyone believes traditional banks will quickly adopt stablecoins.
NYU professor Austin Campbell recently claimed that the U.S. banking lobby is in a "panic" over yield-bearing stablecoins, as they could disrupt the industry's business model.
According to Campbell, if stablecoins start paying interest, banks are concerned that their business could be "harmed."
Related: Coinbase: Interest in stablecoins among Fortune 500 companies has tripled compared to last year.
Original article: “After Pushing Stablecoin Business, Stripe Acquires Crypto Wallet Developer Privy”
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