Privy Secures $15M to Expand Blockchain Infrastructure Capacity

2 mins mins

Key Points:

Privy secures $15M funding led by Ribbit Capital, boosting its expansion plans.
Funds to double team size over 18 months.
Strengthens Privy’s position in the wallet infrastructure market.

privy-secures-15m-to-expand-blockchain-infrastructure-capacity — Privy Secures $15M to Expand Blockchain Infrastructure Capacity

Henri Stern, CEO of blockchain infrastructure provider Privy, announced a $15 million funding round led by Ribbit Capital. Participants include Sequoia Capital, Paradigm, and Coinbase.

The funding positions Privy to expand its team, supporting its mission to enhance crypto wallet accessibility for mainstream users and improve its blockchain infrastructure.

Privy’s recent funding round injects $15 million into the company, with Ribbit Capital leading the investment. Notable participation from Sequoia, Paradigm, and Coinbase reinforces confidence in Privy’s growth potential and wallet infrastructure capabilities.

This infusion of capital enables Privy to double its team size within 18 months, enhancing its ability to support approximately 50 million user accounts. With over 1,000 collaborating companies, the funding aids in improving integration services for mainstream adoption.

Industry reactions remain positive, with Henri Stern tweeting excitement over the expansion.

However, no significant price shifts were observed in major cryptocurrencies, indicating the funds mainly support infrastructure growth rather than immediate market effects, aligning with expert assessments of long-term infrastructure development.

Investor Confidence Grows with Historical Series A Foundation

Did you know? Privy’s $18 million Series A in November 2023, led by Paradigm, laid the foundation for this expansion, marking persistent investor confidence and technological advancements in crypto wallets.

Experts predict this funding round may bolster long-term infrastructure development without immediate price impact on cryptocurrencies. According to historical trends, increased investment in fintech tools like Privy’s often parallels broader adoption and market stability over extended periods.

Henri Stern, Co-founder and CEO, Privy, said, “Excited to announce that Privy has raised $15M led by Ribbit Capital, with participation from Sequoia, Paradigm, and Coinbase. This brings our total funding to over $40M as we continue building wallet infrastructure to onboard the next billion users to web3.”