Payments giant Stripe has acquired the team from crypto wallet firm Valora, an event that occurred just a day after Stripe launched the testnet for its stablecoin-focused blockchain project, Tempo.
Deal Details and Expertise
According to Valora CEO Jackie Bona, the acquisition means the Valora team will join Stripe to work on the firm’s blockchain initiatives.
- Valora was founded in mid-2021 after spinning out of the Celo development group cLabs and raising $20 million in Series A funding.
- The Valora app is a mobile wallet that supports stablecoins and other assets across Celo, Ethereum, Base, Optimism, and Arbitrum.
- The team also developed an open protocol launchpad for Web3 apps geared toward a mobile-native experience.
Bona stated that Stripe shares Valora’s conviction that stablecoins and crypto can significantly expand participation in the global economy. By joining Stripe, the team will be able to contribute their expertise in Web3 and user-first experiences to a platform with “unparalleled reach”.
While the exact focus of the Valora team at Stripe is not explicitly stated, Stripe will gain a team with strong expertise in global payments, digital wallets, and user-friendly smartphone-based Web3 applications. Bona noted that joining Stripe would accelerate their mission to expand economic opportunity through stablecoins and crypto rails.
App Future and Tempo Momentum
The Valora app will continue to function, but its operations and future development will be handed over to cLabs.
Stripe has been making strides in the blockchain space over the past couple of years. The momentum has been building, particularly since first unveiling Tempo four months ago in partnership with crypto VC firm Paradigm, with the network already boasting a $5 billion pre-launch valuation.
The move to acquire the Valora team came just a day after Stripe and Paradigm’s layer-1 blockchain project Tempo launched its open testnet. A key feature highlighted during the testnet launch was the ease and simplicity of creating stablecoins directly in the browser, among other benefits.
