Stripe Hires Valora Team to Strengthen Its Blockchain Initiatives

Payment giant Stripe has acquired the Valora team’s expertise just a day after the launch of its stablecoin-focused blockchain testnet, Tempo.

Valora CEO Jackie Bona stated that this acquisition allows the Valora team to contribute to Stripe’s blockchain projects.

Founded in mid-2021, Valora emerged from the Celo development group cLabs, successfully raising $20 million in Series A funding.

The Valora app serves as a mobile wallet that manages stablecoins and various assets across Celo, Ethereum, Base, Optimism, and Arbitrum. Additionally, the team has created an open protocol launchpad focused on mobile-native Web3 applications.

“Stripe shares our belief that stablecoins and crypto can significantly broaden global economic participation,” Bona remarked, adding, “By integrating Valora’s expertise with Stripe, we can enhance a platform with unmatched reach.”

While specific projects for the Valora team remain unspecified, Stripe will harness their strong background in global payments, digital wallets, and user-friendly smartphone Web3 applications.

“Our experience has shown how access to stablecoins and crypto rails can enhance economic opportunities. Recently, it became evident that joining Stripe, a leader in financial infrastructure, would help us further this mission,” Bona noted.

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The Valora app will remain operational, but its ongoing development and management will transition to cLabs.

Momentum building for Stripe and Tempo

Following a tumultuous relationship with crypto, Stripe has been advancing in the blockchain domain. Notably, momentum has been gaining since the unveiling of Tempo four months ago in collaboration with crypto VC firm Paradigm, achieving a pre-launch valuation of $5 billion.