Quick take:
The latest round brings Privy’s total funding to over $40 million.
The company’s platform allows users to easily connect an existing wallet to any application or website.
Privy plans to use the fresh capital to double the size of its 25-person team within the next 18 months.
Privy has raised $15 million in a funding round led by Ribbit Capital. The fundraising also attracted participation from participation by Sequoia Capital, Paradigm, and Coinbase, co-founder and CEO Henri Stern told Fortune.
The company offers a blockchain infrastructure platform that allows users to easily connect their crypto wallet to any application or website. According to the announcement on Wednesday, Privy plans to use the fresh capital to double the size of its 25-person team within the next 18 months.
Based in New York, Privy’s leadership sees crypto wallets as the gateway to onboarding masses to the blockchain. “If we can make crypto more usable for everyone, we can make it more useful for everyone, and we can widen the aperture of what types of apps can be built on these rails and actually provide real value to end users,” Stern said.
The company offers a set of tools that include a software developer kit (SDK) and application programming interfaces (APIs) to developers integrating crypto elements to apps and websites, thus allowing users to easily connect their wallets without having to log in on a different page.
“We are seeing that the wallets are the nexus of how to give users access to…digital value, and we want to help developers easily leverage this as part of their core app,” he said.
According to the report by Fortune, Privy’s revenue model includes a fee that is based on the number of active wallets connected to the company’s application. Launched in 2023, the company has since grown its revenue by a factor of 25, said Stern who refused to disclose the actual figures.
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