TLDR
- Stripe hired the entire team from mobile crypto wallet Valora to support its blockchain expansion
- Valora spun out from Celo’s cLabs in 2021 with $20 million in Series A funding
- The Valora wallet app transfers back to cLabs while the development team joins Stripe
- This acquisition follows Stripe’s launch of the Tempo blockchain testnet for stablecoin payments
- Stripe recently purchased Bridge and Privy as part of its crypto infrastructure buildout
Stripe has acquired the development team behind Valora, a mobile-focused crypto wallet application. The deal was announced Wednesday by Valora CEO Jackie Bona just one day after Stripe launched its Tempo blockchain testnet.
The acquisition brings the entire Valora team to Stripe. They will work on the payment company’s blockchain and stablecoin projects. A Stripe representative confirmed the hiring and noted the team’s experience with crypto wallet infrastructure and developer tools.
Valora started as part of cLabs, the organization that develops the Celo blockchain network. The company became independent in 2021 after securing $20 million in Series A funding. The Valora app provides a mobile wallet for stablecoins and digital assets across Celo, Ethereum, Base, Optimism and Arbitrum blockchains.
Bona said Stripe and Valora share the same vision for stablecoins expanding global economic access. She explained that joining Stripe allows the team to apply their Web3 knowledge to a platform with global reach. The team previously built an open protocol launchpad focused on mobile-native Web3 applications.
Valora App Returns to Celo Development Group
The Valora wallet application will continue to function after the team transition. Control and future development of the app will move back to cLabs. Users can keep using the wallet service without any changes.
The deal does not include specific details about which Stripe projects the Valora team will join. However, their background in global payments, digital wallets and mobile Web3 apps aligns with Stripe’s current focus areas. Bona mentioned that building Valora demonstrated how stablecoin access creates new economic possibilities.
Stripe Accelerates Crypto Payment Infrastructure
Stripe has made several crypto-related moves in recent months. The company purchased stablecoin platform Bridge and wallet application Privy earlier this year. These deals demonstrate Stripe’s strategy to build comprehensive crypto payment capabilities.
The Tempo blockchain project represents a major part of this strategy. Stripe developed Tempo with crypto venture firm Paradigm. The network focuses specifically on stablecoin payments and already reached a $5 billion pre-launch valuation when announced four months ago.
Tempo’s open testnet went live on Tuesday. The platform features simplified stablecoin creation directly through web browsers. This functionality aims to make stablecoin transactions more accessible for businesses and consumers.
Stablecoins have gained traction as cross-border payment tools. Their price stability makes them practical for international money transfers. Stripe appears to be building infrastructure to serve this growing market.
The company’s crypto involvement has changed over time. Stripe previously accepted Bitcoin payments before ending that service. The current wave of acquisitions and product development shows renewed commitment to blockchain technology.
Adding the Valora team gives Stripe developers who have built real crypto payment products. The team specialized in creating user-friendly mobile experiences. This expertise will support Stripe’s development of new blockchain services and applications.
The Tempo testnet allows developers to start building and testing applications. The blockchain is designed to handle stablecoin payments at scale. With testing now underway, Stripe moves closer to launching full production services.
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