Citrea, a Bitcoin-secured execution environment, has acquired Crest, a self-custodial mobile wallet focused on private Bitcoin transactions. The move aims to strengthen privacy functionality for Bitcoin users without requiring them to rely on custodial services or shift into privacy-focused alternative assets. The acquisition was announced on September 23, 2026, although financial terms of the transaction were not disclosed.
Acquisition and Leadership Integration
Under the agreement, Crest becomes Citrea's flagship privacy product and will be folded into the company's broader push to expand Bitcoin-based financial activity. Crest founder Meliksah Gurtemel will join Citrea as Product Lead, adding both product technology and personnel to the organization. Citrea is developed by Chainway Labs and is backed by investors including Founders Fund, Galaxy, Maven 11, Delphi Digital, Erik Voorhees and Balaji Srinivasan.
The companies framed the deal as a response to a persistent gap in Bitcoin infrastructure. While Bitcoin's public ledger provides settlement transparency, it also exposes balances, counterparties and transaction histories to public scrutiny. Existing privacy tools across the digital asset market often require technical expertise, third-party reliance or movement into alternative tokens, limiting their appeal for mainstream users.
Privacy Features and Product Roadmap
Crest has been developing a mobile wallet that gives users control of their own keys while making privacy features more accessible. The planned product will include auto-shielding, private Bitcoin transfers and onboarding from both Bitcoin and Ethereum. A public launch is expected in the coming weeks, according to the announcement.
The wallet is also designed to support private cross-chain payments, allowing users to pay Ethereum Virtual Machine compatible addresses in assets such as USDC or Ether using Bitcoin. That capability would extend bitcoin's utility beyond transfers between bitcoin-native addresses and into transactions involving other blockchain networks. The roadmap includes private cross-chain swaps and exit routes that could route activity from Bitcoin and Ethereum into Citrea's own network environment.
Market Context and Strategic Rationale
Citrea argues that privacy remains a major missing component for broader Bitcoin use on application layers. The company links the acquisition to demand from users who want simpler privacy tools without giving up control of their assets. Chainway Labs co-founder and CEO Orkun Mahir Kılıç described Crest as the primary gateway for onboarding users and liquidity from the Bitcoin and privacy ecosystems into Citrea.
The deal also points to a broader competitive theme in crypto infrastructure as developers try to make Bitcoin useful in more financial and payment contexts. The companies noted Bitcoin's market capitalization above $1.5 trillion, which they argue will likely intensify scrutiny of wallet activity and transaction trails. Chainway Labs previously developed Proof of Innocence, an open-source framework that lets privacy pool users show their funds are not linked to prohibited addresses without disclosing their identities.
The acquisition positions Citrea to combine a dedicated consumer wallet with its Bitcoin-secured execution environment while channeling activity from Bitcoin and Ethereum into its ecosystem. If integration succeeds, the combined offering could give users a more direct route to private self-custodial transactions without relying on centralized intermediaries. The move reflects intensifying efforts across the digital asset sector to reconcile public blockchain transparency with the operational and personal security demands of real users.