Stripe has acquired Privy to enhance user experience and trust in the web3 ecosystem by simplifying crypto onboarding processes.

Target Information

Privy, co-founded by Henri Stern and Asta Li, is an innovative platform focused on developing privacy-preserving infrastructure for web3 applications. Established with a vision to enhance user experience in the crypto space, it aims to simplify the onboarding process for new users by providing seamless, secure methods for engaging with decentralized technologies. Since its inception, Privy has grown substantially, supporting over 75 million accounts and more than 1,000 developer teams.

Protocol Labs, an early supporter and investor, recognized the potential in Privy as far back as 2018. The team's leadership and understanding of the long-term implications of digital identity in the web3 ecosystem led to a fruitful partnership that has positively shaped the crypto landscape.

Industry Overview

The global web3 industry is gaining momentum, with increasing interest in privacy and security as key components for digital transformation. In particular, countries with robust tech ecosystems are experiencin