Payments giant Stripe has acquired the team from crypto wallet provider Valora, just days after launching its testnet for the Tempo blockchain project focused on stablecoins. This move signals Stripe’s increasing commitment to blockchain technology and its potential to enhance financial infrastructure.
Valora CEO Jackie Bona confirmed that the acquisition will see the Valora team join Stripe as they work on the company’s blockchain developments. Founded in mid-2021 as a spin-off from the Celo development group cLabs, Valora raised $20 million in Series A funding, positioning itself as a pioneering platform in the mobile crypto wallet space.
The Valora app supports stablecoins and other digital assets across multiple blockchains, including Celo, Ethereum, Base, Optimism, and Arbitrum. Beyond its wallet services, Valora developed an open protocol launchpad tailored for Web3 applications, primarily optimized for mobile-native experiences. This enables users to engage with decentralized applications seamlessly via their smartphones.
“Stripe shares our conviction that stablecoins and crypto can dramatically expand participation in the global economy,” Bona stated. “Bringing Valora’s team into Stripe will allow us to leverage our expertise in web3 and user-centric experiences on a platform with unparalleled reach.”
Though specifics about the projects Valora’s team will focus on at Stripe remain undisclosed, their expertise in digital payments, wallets, and mobile Web3 applications underscores the strategic fit. Stripe aims to accelerate its blockchain and crypto initiatives by integrating a team experienced in global payments infrastructure and crypto-native user interfaces.
“Access to stablecoins and crypto rails has shown to broaden economic opportunities,” Bona remarked. “Joining Stripe accelerates our mission to expand financial inclusion through blockchain technology.”
While the Valora app will continue to operate, its future development is now under the oversight of cLabs. This strategic acquisition comes amid Stripe’s broader push into blockchain technology, following a recent partnership with Paradigm to develop its Tempo blockchain project.
Building Momentum for Stripe and Tempo
Stripe’s renewed interest in blockchain has gained momentum after its collaboration with Paradigm to develop the Tempo network, which was announced four months ago. The project already boasts a $5 billion pre-launch valuation and aims to simplify stablecoin creation directly within web browsers. The recent launch of the Tempo testnet, in conjunction with Paradigm, highlighted features like easy stablecoin deployment, underscoring Stripe’s strategic focus on practical blockchain applications.