It's very nice to be here today. I am Meghna. I'm from Privy. And today we'll talk a little about the updated interfaces for managing money and transferring it. Oh, can you press?
Yes. So, as I said, I'm Meghna. I am a product manager at Privy. I started my journey in the crypto industry with mining, and then worked at Coinbase for many years. But about 8 months ago I joined Privy and I'm so happy to be here.
Hi, I'm Andy. I am an implementation engineer at Privy. Before Privy, I was a customer of the company, and I liked the product so much that I decided to join. I started my career after college in finance at BlackRock, but quickly realized that cryptocurrency was a better financial tool. So what is Privy?
Privy is a secure and scalable wallet infrastructure. We allow you to quickly create built-in wallets for your platforms, whether it's an application you're developing or a full-fledged server-side payment infrastructure. Creating wallets with Privy is incredibly easy. We have over 2,000 apps using us and a total of 120 million users. We typically process around $15 billion in stablecoins or native currencies through our wallets every month.
It's very fast, reliable, and allows you to easily create as many wallets as you need. Before we get to the main topic, I want to talk a little about the rewards for this hackathon. We recently launched three different products. One of them is One of them is deposit addresses. This is a very easy way to top up your built-in wallets in Privy.
You can send any asset on any network to a deposit address and quickly route those funds to a single asset on a specific network, providing a much more convenient deposit and funding experience for your wallets. The second product we launched is called Privy Earn. This is a unified interface for interacting with interest-bearing blockchain repositories. Think about Morpho. This is a simple API call.
You can quickly take USDC from your wallet, deposit it into Morpho storage, and start earning interest right away. We provide all the APIs for depositing funds into these vaults, checking balances, and tracking your users' positions. So this is a very easy way to make a profit on any idle balances . And the third thing we recently launched is the agent CLI. This gives your Claude and Codex agents access to your wallets to send transactions, authenticate directly to directly to any built-in wallet in your app.
This is a really great way for your agents to start seamlessly interacting with Privy wallets. I'll start by talking about wallets for agents. We launched a skill that simply gives your agent full access to the Privy SDK and API, as well as ways to interact with them. Creating a wallet with Privy is quite simple, and giving your agent access to it is even easier. You can quickly top up these wallets for your agent.
Your agent has full access to them. It can send transactions, sign messages, and interact with the blockchain. This is the full functionality of your wallet. Giving access to your agent is very simple. With the Privy wallet built in, you can quickly set up this skill and your agent will be able to authenticate and access it via session.
You constantly stay up to date with events. You control the funding. You control access to the wallet, and you can even set policies in Privy to prevent the agent from malicious actions or interacting with untrusted smart contracts. You can easily see how the agent interacts with wallets, while at the same time limiting its capabilities on the blockchain so that it does not empty your wallet. This is fully secured by our cryptography, which we have implemented for all of our authentication methods.
This is an ephemeral signing key; you are effectively giving the agent access to the wallet for a short period of time. They are generated separately for each transaction. You simply grant the agent the appropriate access rights. It gets access to your wallet, and you can quickly revoke these permissions at any time. And lastly, thanks to the skills file, the agent gets full access to all of our SDKs and open APIs.
This gives him an easy way to learn how to send transactions send transactions , query data, sign messages, process results, and broadcast transactions to the blockchain. Agents are quite smart and know what to do, and this simply gives them the tools to complete tasks. I'll give the floor to Megny to talk about deposit addresses. Perfectly. As Andy mentioned, we launched escrow addresses about two weeks ago.
Can we move on to the next slide, please. So, deposit addresses are a really exciting new way to fund your Privy wallet. One of their best features is that they are permanent addresses for each user. You can create an EVM can create an EVM deposit address for those who work with EVM those who work with EVM wallets, which I hope is everyone here . You can also automate all types of bridging and sharing.
So if you move funds between L1 and L2, it's all done automatically for you. You only need to think about developing with your canonical token on your canonical network. All bridging and exchange operations occur automatically when users deposit these funds. A few more interesting points are that there are no verification procedures here. This is a completely cross-border solution.
You don't need to think about KYC. Users can simply send money and everything will work—that’s the magic of building a payments infrastructure with Privy. And lastly, of course, is universal asset support. We already support many assets on L1 and L2 networks today. And we will continue to add new assets.
So please, if you are working with an asset you are working with an asset that we don't yet support, come by our booth, let's chat, and we'll see what can be done in real time. Can we move on to the next slide, please. So, the second thing I wanted to talk about today is Earn. As Andy mentioned, can we move on to the next slide, please. We recently launched a tool that provides a built-in profitability infrastructure in your wallets.
Today, wallets are no longer just a place to store money. This is a place where you can also earn and make transactions make transactions . Therefore, we have created the most simplified interface for interacting with leading online income providers. We have integrations with Aave have integrations with Aave , Morpho, and a number of other developers. We are very happy to collaborate with this wonderful team of professionals.
The best thing about this API is that The best thing about this API is that you can easily deposit funds, withdraw them, and track your balance. We're working on even more exciting features, such as allowing you to spend directly from your balance in the future. We have lots of exciting ideas for what you can create with this . In closing, I want to say that many of you know Privy as wallets. But we are focused on creating financial infrastructure.
So wallets are just a starting point. We take on the entire sphere of movement and money management. We look forward to seeing what you create. We hope to award some great projects with prizes this weekend. Please come by our booth if you have any questions.
Yes, please. Perfectly. Have you created anything yet ? Yes, why not? I ask every speaker about this.
You can build a lot of interesting things on this. And which projects created on this basis impressed you the most personally? Sorry. I didn't quite understand what function you were asking about? What projects at our base really impressed you?
Maybe someone created something that ... Yes, of course. I can tell you about a few projects that are really interesting and are being developed with the help of Privy. Going back to Earn, we recently announced that we will be providing Earn infrastructure in the new Deel wallets. We are thinking about creating global access to stablecoins.
Deel launched a stablecoin account for contractors around the world. They start with Argentina. It seems like this was launched about a week ago. In these wallets, users will be able to receive payments in US dollars payments in US dollars . These dollars are converted into a stablecoin, and users will be able to earn income through the Centauri storage based on Morpho.
This way, people outside the US can receive income in US dollars. They will work on additional functionality for using these accounts. This is a great example of how people work and actually use and spend funds from their stablecoin their stablecoin accounts. I might add accounts. I might add that there are several more developers using Privy today.
Um, one such developer is Ramp. So we also provide stablecoin accounts for Ramp. Um, so, you know for Ramp. Um, so, you know , it was, well, a deal usage scenario that was more consumer-oriented. Um, the usage scenario for Ramp is more business-oriented.
So companies around the world are now using Ramp to also have access to the same level of banking services and secure storage of funds. And so it's very, very exciting to see some of the biggest fintech companies in the world starting to build on Privy, starting to use blockchains, and we're very excited to support them. Yes. Hi, this is a somewhat general question, but has your team considered collaborating with ENS and integrating it into your service? Um, I mean, we're always looking for new ways to make interfaces more user- friendly .
For example, a year ago, all of our transactions had to be embedded directly into the call data. That is, you had to clearly indicate which token you were transferring at the smart at the smart contract level. And since then, we've built a high-level API to make asset transfers much easier. Answering your question, ENS could potentially make it easier to choose the recipient you send funds to. Right now you still need to enter a wallet address, but I can imagine a world where you could enter, for example, primy.
ether or any other ENS any other ENS address, which would make transferring assets very easy. That's right. Yes. Any more questions? O.
Hmm, is it possible to make your own integration with the earn function earn function ? Yes, we are always looking for new partners for earn. So if you can go back a slide or two, yes. We have a number of different partners, but we are constantly announcing new ones. So, if you want to integrate your earnings or profitability functionality into Privy, be sure to contact us and we will discuss the next steps together.
At the beginning you showed a delay of 20 milliseconds. What does this refer to? Is it possible to achieve lower latency? So, we are actively investing in reducing our transaction signing delays. And here's what it looks like: Privy has moved most of our wallet architecture from what we had before, namely— client-side private key recovery, where you signed everything from the client, we've moved all of that to the server.
This gave us significantly more capabilities, such as earning features, agent features, simply by giving more applications access to these wallets through our APIs. But with this, of course, comes some overhead, as you have to make a request to the Privy API, and that transaction has to be signed through our secure enclave, where we actually regenerate the keys. When we first launched this product, our signing latencies were around 100 milliseconds, which was, you know, pretty slow, but since then we've made a lot of investments to make that process as fast as possible. To answer your question about what exactly those 20 milliseconds refer to: this is the actual time it takes for us to receive an API request from your backend to ours, and how long it takes us to recover the key, apply any of your signing policies, and actually sign the transaction and commit it to the blockchain. This is not 20 milliseconds until the final record is made to the blockchain.
That's 20 milliseconds to complete all of our steps, all of our cryptography, key recovery, and the actual signing of the transaction. We continue to invest to reduce this time as much as possible. As we know, every millisecond counts in blockchain. Yes. When we first started, we ran everything directly in the enclave itself.
And since then, we've built a web socket infrastructure from our API layer to the secure Nitro Enclave, where the keys are actually recovered. This helped us cut many milliseconds of latency. The enclave itself does not execute network requests. So, a significant portion of the overhead occurred when we received the signature request before we actually signed it in the enclave. We tried to parallelize this as much as possible to make sure that make sure that any pre- checks that occur before keys are recovered and then signed are performed as asynchronously and in parallel as possible.
And this helped us significantly reduce these overhead costs. We are also expanding our regional coverage. Enclave was initially launched only in the US East 1 region, but many of our customers are located around the world. So, we have conducted a global deployment of our infrastructure from the West Coast of the United States to Singapore and Europe. We have servers in Asia We have servers in Asia , and we are also deploying servers in Latin America and Africa.
Greater regional coverage means we have more nodes around the world so you can access our APIs as quickly as possible. Are there any more questions? I have a question of a slightly more technical nature. It concerns the Shamir secret sharing scheme . Do you plan to integrate with partners, for example so I can choose where to store different parts of the secret?
We now have options for uploading and storing, for example, on Google Cloud. But do you plan to invest in this area to create a larger ecosystem where I could store different parts and then restore them? I know you have a question regarding how our private keys are actually recovered during server-side signing. We use the Shamir secret partitioning scheme , where we take the key itself and split it into multiple parts it into multiple parts . And when a signature request arrives at Privy, we restore the key in memory, sign the transaction, and immediately destroy it.
So your question is , is it possible to have more granularity and control over where these parts are stored? We have already created several integrations for large customers who have some concerns about the security of storing these parts. We call this “ call this “ using your own cloud” with Privy. This allows you to choose where to store your part of the key and where Privy stores its. Because we keep some of it for ourselves anyway.
And if you want to use your own cloud, such as Google Cloud, AWS, or your own enclave, we provide such integrations so that you can store your keys wherever you want, and we can recover them using your secrets. We are implementing this gradually, but we are seeing growing demand, especially from institutional clients and fintech clients and fintech companies that pay a lot of attention to security. Are there any more questions? I am actually new to your platform. I installed it the other day after seeing the CEO's speech at EthCC.
How many more networks are you going to add, such as sidechains or multichains? As you can see from the slide , we at Privy support over 40 different blockchains. We have a networking support section on our website, and I'll be happy to show it to you when I'm done. But yes, we support all of our EVM and SVM compatible networks, as well as a much wider list. So, you know, we are very much agnostic and neutral wallet infrastructure.
And if there's a network you really want to build on but we don't support, be sure to stop by our booth and we'll see what we can do. OK. Are there any more questions? OK. Thank you very much, team.
Thank you.
Automatic transcript — names and jargon may be misspelled.