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Privy Raises $18 Million to Provide Embedded Wallets to Mainstream Applications
The company has already worked with companies such as Friend.tech, Blackbird, Courtyard, and many others.
Dillon Newman
November 21, 2023 • Estimated Reading Time: 2 minutes
Embedded wallet provider Privy has raised $18 million in a Series A funding round to help mainstream companies build blockchain based services.
The round was led by Paradigm, with participation from Sequoia Capital, BlueYard Capital, Archetype among others. Privy and Paradigm did not disclose a valuation for the round.
Along with the funding, Privy announced that the co-founder of Paradigm, Matt Huang, would join Privy’s board.
The funding will help Privy further build out a toolkit that developers can use to seamlessly connect users to blockchain applications.
The Series A funding follows an $8 million seed round in April, 2023, led by Sequoia Capital and BlueYard Capital.
Onboarding The Next Million Users to Web3
Privy helps traditional companies build blockchain-based services directly into their applications.
The company has already worked with companies such as Friend.tech, Blackbird, Courtyard, and many others.
Blackbird, who’s $24 million Series A we recently covered, utilizes Privy’s technology to provide their users access to their own crypto wallet while using only a phone number to sign up. Users can then use Blackbird’s FLY tokens to collect perks and rewards.
This “embedded wallet” experience allows companies to provide all of the UX and ease of onboarding of web2 products with the self-custody and interoperability of web3 technology.
This is a critical time for the crypto industry. What we build today will set the direction for decentralized systems tomorrow – and determine whether or not the Internet uses them. Experiences with self-custody and crypto are not one size fits all and good crypto products should just be good products.
Privy was founded in 2021 by Henri Stern, a former research scientist at Protocol Labs, and Asta Li, a former software engineer at Aurora.