Stripe Acquires Valora's Team to Boost Blockchain Initiatives

Summary:
Payments giant Stripe has acquired the team from Valora, a crypto wallet app, aligning its efforts with the growing blockchain space. With this acquisition, Stripe aims to enhance its blockchain initiatives, particularly around stablecoins, while Valora continues operations under its original development group, cLabs.

Key Takeaways

Stripe has acquired the Valora team to strengthen its blockchain projects.
Valora is known for its mobile wallet supporting various assets and stablecoins.
The partnership aims to improve access to economic opportunities through stablecoins and crypto.
Valora's app will still operate, but its development will transition to cLabs.
Stripe has been increasing its engagement with cryptocurrency, launching its testnet for Project Tempo.

Stripe, a leading payments company, has recently acquired the team from Valora, a crypto wallet application, just one day after launching the testnet for its blockchain project called Tempo, which focuses on stablecoins. According to Valora's CEO, Jackie Bona, this acquisition will allow the Valora team to integrate with Stripe and contribute to the company's blockchain efforts.

Valora originated in mid-2021, evolving from Celo's development group, cLabs, and successfully raising $20 million in Series A funding. The Valora app functions as a mobile wallet that accommodates stablecoins and digital assets across several platforms, including Celo, Ethereum, Base, Optimism, and Arbitrum. In addition, the Valora team has developed an open protocol launchpad for Web3 applications designed for mobile users.

"Stripe shares our belief that stablecoins and cryptocurrencies can significantly broaden participation in the global economy," Bona remarked. She emphasized that merging with Stripe would enhance their ability to utilize their expertise in Web3 and provide user-friendly experiences on a platform with remarkable reach.

While the specifics of the Valora team's projects at Stripe remain unspecified, the company is acquiring a group adept in global payments, digital wallets, and user-friendly smartphone Web3 applications. "Through our experiences, we have witnessed how stablecoins and crypto can widen economic access. Recently, it became apparent that we could expedite our goals by joining Stripe, a leader in financial infrastructure," added Bona.

Source: Jackie Bona

The Valora app will continue to operate, but its future development will be transferred back to cLabs.

Payments giant Stripe acquires team from crypto wallet app Valora

Building Momentum for Stripe and Tempo

After a fluctuating relationship with cryptocurrencies, Stripe has made significant progress in the blockchain sector over recent years. The momentum has notably increased since the introduction of Tempo, a partnership with crypto venture capital firm Paradigm, which revealed a $5 billion pre-launch value just four months ago.

The latest acquisition from Stripe follows closely on the heels of the open testnet launch for Tempo, which occurred only a day earlier. The testnet's launch highlighted key features such as the straightforward process of creating stablecoins directly within a browser, among various other benefits.

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