Payments leader Stripe has brought on the team from crypto wallet company Valora, just a day after unveiling its testnet for the stablecoin-centric blockchain project Tempo.
As stated by Valora CEO Jackie Bona, the acquisition will allow the Valora team to collaborate with Stripe on the company’s blockchain efforts.
Founded in mid-2021 as a spin-off from the Celo development group cLabs, Valora raised $20 million in Series A funding during its inception.
The Valora app serves as a mobile wallet that accommodates stablecoins and various assets across Celo, Ethereum, Base, Optimism, and Arbitrum. In addition to the wallet, the team also created an open protocol launchpad aimed at enhancing the mobile-native experience for Web3 applications.
“Stripe shares our belief that stablecoins and crypto can significantly broaden participation in the global economy,” Bona remarked, adding that “by integrating Valora’s team into Stripe, we’ll be able to leverage our expertise in web3 and user-focused experiences on a platform with unmatched reach.”
While specifics on the Valora team’s projects remain unconfirmed, Stripe is harnessing a team well-versed in global payments, digital wallets, and user-friendly smartphone-based Web3 apps.
“Through this work, we’ve realized how access to stablecoins and crypto infrastructure can enhance economic opportunity. Recently, it became obvious that we could further this mission by joining Stripe, a leading global financial infrastructure platform,” Bona stated.
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The Valora app will remain operational; however, its management and future developments will transition to cLabs.
Momentum building for Stripe and Tempo
After fluctuating interest in crypto, Stripe has been advancing in the blockchain sector over the last couple of years. Particularly, momentum has surged since the unveiling of Tempo four months ago in collaboration with crypto VC firm Paradigm, with the network already boasting a $5 billion pre-launch.
This latest initiative from Stripe follows the recent launch of the open testnet for the Tempo blockchain project in partnership with Paradigm.
A standout feature during the testnet launch was the ease of creating stablecoins directly through the browser, among several other advantages.
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