Privy Raises $18M to Simplify Crypto Onboarding

Privy, a solution tackling the complexity of crypto onboarding, has secured $18 million in a Series A funding round led by Paradigm, with support from existing investors like Sequoia Capital. The platform offers an SDK that combines wallet connectors and self-custodial embedded wallets, enabling developers to create seamless authentication flows for users.

In less than a year since its launch, Privy has processed millions of transactions, handling over 10 billion RPC requests in the last two months alone. The platform has successfully onboarded over a million users across various industries, including restaurant loyalty, biotech research, creator platforms, and gaming.

Ben Leventhal, CEO of Blackbird, a Privy partner, commented, "Privy's technology helps us deliver a world-class consumer product experience while leveraging crucial blockchain functionality for Blackbird. Blackbird is excited to partner with Privy and build the future state of web3 together."

With the new funding, Privy plans to expand its team and enhance the development, security, and scalability of its onboarding toolkit and identity platform. The company aims to contribute to the growth of mainstream crypto experiences and unlock new ownership models online.

Privy emphasizes the importance of making crypto products accessible, believing that good crypto products should simply be good products. As the crypto industry stands at a critical juncture, Privy envisions a future where decentralized systems cater to diverse user preferences, making crypto engagement easy for everyone.