Payment tech company Stripe (STRIP) is acquiring the crypto wallet startup Privy, according to a Wednesday blog post on the latter's website.
The terms of the transaction, expected to close in the coming weeks, were not disclosed.
The news comes on the heels of media reports about Stripe holding talks with banks regarding the potential use of stablecoins.
"Money has to reside somewhere, and Privy builds the world's best programmable vaults. Alongside our other stablecoin work, we're looking forward to enabling a new generation of global, internet-native financial services," said Stripe CEO Patrick Collison in a post on X, formerly Twitter.