Payments giant Stripe acquires team from crypto wallet app Valora

Stripe has acquired the talented team behind Valora's crypto wallet

Payments giant Stripe has made headlines by acquiring the team from Valora, a notable crypto wallet application. This move comes shortly after Stripe launched its testnet for a blockchain project focused on stablecoins, named Tempo. Valora's CEO, Jackie Bona, confirmed that the acquisition will integrate Valora's developers into Stripe’s blockchain initiatives.

Valora app will continue but under new ownership and direction

While the Valora app will still operate, its future development will transition back to cLabs, the original development group from which Valora emerged. Valora, which was established in mid-2021, gained attention after securing $20 million in Series A funding. The app is designed to support stablecoins and various assets across different blockchain networks, including Celo and Ethereum.

Stripe is enhancing its blockchain initiatives with the acquisition

The specific projects that the Valora team will tackle at Stripe have not been disclosed. However, it is clear that Stripe is focusing on expanding its capabilities in global payments and user-friendly digital wallet applications. Bona expressed a shared belief that stablecoins and crypto have the potential to broaden participation in the global economy, emphasizing the importance of user-first experiences in this space.

Stripe's ongoing efforts in the blockchain space are gaining momentum

This acquisition highlights Stripe’s renewed commitment to the crypto sector, particularly following a fluctuating relationship with blockchain technologies. The company has been making significant advancements, especially since the introduction of Tempo, which has already achieved a pre-launch valuation of $5 billion. The recent launch of Tempo's open testnet showcased features like easy stablecoin creation, indicating Stripe's intent to simplify blockchain interactions for users.