Wallet Infrastructure Provider Privy Raises $15M to Develop Crypto Onboarding Rails

Privy, a provider of cryptocurrency wallet infrastructure, raised an estimated $15 million in a funding round led by Ribbit Capital.

The company, which announced the funding on Wednesday, offers application programming interfaces (APIs) for developers to manage and integrate user data, allowing its customers to offer crypto services and other on-chain functions so that end users can buy, sell and hold cryptocurrency.

“Businesses that emerge from the early adoption of crypto rails will not only thrive but also redefine how value is created and exchanged globally,” Privy said. “But this future hinges on one critical factor: making it easy for any developer to build seamless, secure experiences on crypto rails.”

The size of the round was not disclosed, though Privy said the investment takes its total funding to over $40 million. Privy had previously raised $26.3 million across its first two rounds, according to data by startup deal platform Tracxn, which places the size of the latest investment in the region of $15 million.

The round included participation from existing investors Sequoia Capital, Paradigm, BlueYard and Coinbase. Privy’s valuation in the round was also not disclosed.