Stripe has announced its acquisition of Privy, a crypto wallet infrastructure firm, with plans to close the deal in the coming weeks. Privy is known for its embedded wallet technology, which simplifies onboarding for crypto users by allowing them to create wallets without the complexities of traditional seed phrases. The technology supports over 75 million accounts and 1,000 developer teams, including major crypto applications like Pump.fun and OpenSea. Stripe CEO Patrick Collison emphasized that this acquisition aligns with their vision of integrating crypto into financial services. With previous efforts to deepen its crypto connection, including plans for stablecoin financial accounts, this acquisition marks Stripe's second major move in the cryptocurrency space over the past year. Privy will continue to operate independently under the Stripe umbrella, with the goal of enhancing both platforms' capabilities in the evolving digital finance landscape.

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