Stripe Acquires Valora Team to Boost Crypto and Stablecoin Operations

TLDR

• Stripe acquired the team from crypto wallet app Valora to work on blockchain and stablecoin projects
• Valora was founded in 2021 after spinning out from Celo’s cLabs with $20 million in funding
• The Valora app will continue operating under cLabs ownership while the team joins Stripe
• Stripe recently launched its Tempo blockchain testnet for stablecoin payments in partnership with Paradigm
• This follows Stripe’s recent acquisitions of Bridge and Privy as it expands crypto payment capabilities

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Payments giant Stripe has acquired the team behind crypto wallet app Valora. The move comes one day after Stripe launched the testnet for its stablecoin-focused blockchain project called Tempo.

Valora CEO Jackie Bona announced the acquisition on Wednesday. The entire Valora team will join Stripe to work on the company’s blockchain initiatives. A Stripe spokesperson confirmed the news and said the team brings valuable expertise in crypto wallet infrastructure and onchain developer tools.

Valora was founded in mid-2021 after splitting from cLabs, the development group behind the Celo network. The company raised $20 million in Series A funding at that time. The Valora app is a mobile wallet that supports stablecoins and other digital assets across multiple blockchains including Celo, Ethereum, Base, Optimism and Arbitrum.

The Valora team also built an open protocol launchpad for Web3 apps designed for mobile users. Bona said Stripe shares Valora’s belief that stablecoins and crypto can expand access to the global economy. She added that joining Stripe allows the team to contribute their Web3 expertise to a platform with much wider reach.

The specific projects the Valora team will work on at Stripe have not been disclosed. However, the team brings strong experience in global payments, digital wallets and mobile-focused Web3 applications. Bona stated that working at Valora showed the team how stablecoin access can create economic opportunities.

Valora App Continues Under New Management

The Valora app will remain operational after the acquisition. Operations and future development of the app will transfer to cLabs. This means users can continue using the wallet service without disruption.

Stripe has been increasing its presence in the blockchain space over the past two years. The company first unveiled Tempo four months ago in partnership with crypto venture capital firm Paradigm. The network already had a $5 billion pre-launch valuation.

Recent Crypto Moves by Stripe

Stripe recently acquired two other crypto companies as part of its blockchain expansion. The company bought stablecoin infrastructure firm Bridge and wallet app Privy. These acquisitions show Stripe’s commitment to incorporating crypto payment rails into its services.

Stablecoins are becoming popular tools for cross-border payments. Their stable value makes them useful for international transactions. Stripe appears to be positioning itself to capitalize on this growing trend.

The Tempo blockchain launched its open testnet on Tuesday. One key feature highlighted during the launch was the ability to create stablecoins directly in a web browser. The platform aims to simplify stablecoin payments for users and businesses.

Stripe’s relationship with crypto has evolved over time. The company previously accepted Bitcoin payments before discontinuing the service. Now Stripe is making major investments to become a leader in blockchain-based payment infrastructure.

The Valora team acquisition gives Stripe access to developers with real-world experience building crypto payment products. The team has worked on mobile-first solutions that prioritize user experience. This expertise will help Stripe as it develops new blockchain products and services.

Tempo is designed specifically for stablecoin payments and transactions. The blockchain aims to make it easier for businesses and individuals to use stablecoins for everyday payments. With the testnet now live, developers can begin testing applications on the network.

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