According to Valora CEO Jackie Bona, this acquisition will allow the Valora team to join Stripe and participate in the company's blockchain-related projects.
Valora was established in mid-2021, having spun off from the Celo development team cLabs, and completed a Series A funding round of $20 million in the process.
The Valora app is a mobile wallet that supports stablecoins and other assets on networks such as Celo, Ethereum, Base, Optimism, and Arbitrum. In addition to the wallet, the team has built an open protocol launchpad for Web3 applications aimed at mobile-native experiences.
Bona stated, "Stripe, like us, firmly believes that stablecoins and crypto can significantly expand who can participate in the global economy. By bringing the Valora team to Stripe, we will contribute our expertise in Web3 and user-centric experiences to a platform with unparalleled reach."
It is not yet clear what specific responsibilities the Valora team will have; however, Stripe will absorb a team that has long focused on global payments, digital wallets, and user-friendly smartphone Web3 applications.
Bona mentioned, "Through this work, we have seen firsthand that access to stablecoins and crypto payment channels can expand economic opportunities. In the past few months, we have clearly recognized that by joining Stripe, a leading global financial infrastructure platform, we can accelerate this mission."
The Valora app will continue to operate, but its operations and future development will be managed by cLabs.
After a fluctuating relationship with the crypto space, Stripe has made progress in the blockchain field over the past two years. The momentum has particularly increased since the launch of Tempo in collaboration with crypto venture firm Paradigm four months ago, which has reached $5 billion in pre-release phase.
Stripe's latest move comes just a day after the launch of its open testnet for the first-layer blockchain project Tempo in collaboration with Paradigm.
A key feature emphasized during the testnet launch is the ease of creating stablecoins directly in the browser, along with other advantages.
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Original article: “Payment giant Stripe acquires core team of crypto wallet app Valora”
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