In a move that has left many scratching their heads and wondering if they should invest in a tinfoil hat, Stripe has decided to acquire Privy, a cryptocurrency wallet infrastructure developer. The amount? Well, that’s a closely guarded secret, much like the recipe for Coca-Cola. This acquisition is a clear indication that Stripe is pivoting towards digital assets, which is a fancy way of saying they want to get in on the crypto craze. 💰
Privy confirmed this monumental acquisition on Wednesday via social media, announcing that they will continue to operate independently within the vast and somewhat chaotic Stripe ecosystem. Because who doesn’t want to be part of a digital circus? 🎪
As part of the Stripe family, Privy will “keep building for developers building on crypto rails [but] now with more resources, flexibility, and firepower.” Because nothing says “we’re serious about crypto” like a little extra firepower, right? 🔥
Bloomberg was the first to break the news, but as is often the case with these things, the financial details remain as elusive as a cat in a room full of rocking chairs. 🐱
Now, while Privy might not be a household name in the crypto world, they do provide the infrastructure for companies developing digital asset wallets. Apparently, their technology supports over 50 million crypto wallets worldwide. That’s a lot of wallets! If only they could help me find my missing socks. 🧦
Stripe Eyes $250 Billion Stablecoin Market
Fast forward six years after pulling back from the crypto scene, and Stripe is back with a bang! In October last year, they allowed merchants to accept stablecoin payments through USDC. Yes, you heard that right—stablecoins! Because who doesn’t want their money to be stable in an unstable world? 🌍
Since then, Stripe’s foray into stablecoin payments has gained momentum faster than a toddler on a sugar high. As reported by CryptoMoon, they’ve rolled out stablecoin accounts to clients in over 100 countries. That’s right, folks—Stripe is going global! 🌐
As of May 7, Stripe users can send and receive US dollar-pegged stablecoins just like they would with traditional bank accounts. It’s like having your cake and eating it too, but without the calories! 🎂
Stripe co-founder and President John Collison told Bloomberg that banks are showing a growing interest in stablecoins. “Banks are very interested in how they should be integrated with stablecoins into their product offerings as well,” he said. Because nothing says “trust us” like a bank trying to figure out how to use digital currency. 🤔
However, not everyone is convinced that traditional banks will be quick to embrace stablecoins. NYU professor Austin Campbell recently claimed that the US banking lobby is “panicking” over yield-bearing stablecoins, which could disrupt the industry’s business model. Because who doesn’t love a good panic? 😱
According to Campbell, banks fear their business could be “harmed” if stablecoins begin paying interest. And let’s be honest, who wouldn’t panic if their business model was at risk? It’s like finding out your favorite ice cream shop is closing down. 🍦
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2025-06-11 19:27