Payments firm Stripe has hired the team behind crypto wallet Valora to work on its blockchain initiatives, while ownership of the Valora app shifts back to Celo’s development arm, cLabs.
Valora’s CEO Jackie Bona said the group will join Stripe and contribute their web3 and mobile-first product expertise to the company’s crypto efforts. The move comes a day after Stripe launched the open testnet for Tempo, its stablecoin-focused blockchain project developed with crypto VC Paradigm.
Valora launched in mid-2021 after spinning out of cLabs and raised $20 million in a Series A round. The mobile wallet supports stablecoins and other tokens across Celo, Ethereum, Base, Optimism and Arbitrum. Valora also built an open protocol launchpad designed for mobile-native Web3 applications.
“Stripe shares our conviction that stablecoins and crypto can dramatically expand who gets to participate in the global economy,” Bona said, adding the team can accelerate that mission by joining a platform with Stripe’s reach. She noted the Valora team has deep experience in global payments, digital wallets and user-friendly smartphone Web3 apps.
Valora’s app will remain operational, but cLabs will take over its operations and future development.
Stripe’s renewed push into crypto has gathered pace over the past year, particularly since it unveiled Tempo about four months ago. The project already reported a roughly $5 billion valuation before launch. Tempo’s recent open testnet highlighted features such as the ability to create stablecoins directly in the browser, aiming to simplify stablecoin issuance and onramp processes for developers and businesses.
