Stripe Acquires Valora Team To Expand Stablecoin Push
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Terms of the deal were not disclosed, including how many Valora employees would transition to the payments giant. Launched in 2021, Valora developed a mobile-first, self-custody cryptocurrency wallet app particularly geared for stablecoins on the $CELO blockchain. The acquisition did not appear to include the intellectual property behind Valora's technology, according to Bona. The app will continue to live on by returning to its original home at cLabs, which will steward its future development. The peer-to-peer app aimed to make sending crypto as easy as sending a text message. Stripe co-founders Patrick and John Collison wrote in an annual letter that stablecoins represent an improvement on the basic usability of money after taking years to find product-market fit. The company infamously disabled Bitcoin payments in 2018 after a failed trial period and only began to experiment gradually with stablecoins in recent years. Valora was spun out of core Celo development group cLabs over four years ago. The project raised $20 million from investors, including Andreessen Horowitz and Polychain Capital, to support its independent operation. Several celebrities, including NBA players Carmelo Anthony and Kevin Durant, YouTuber Casey Neistat, and rappers Nas and Sean Diddy Combs, were also backers via the a16z Cultural Leadership Fund.
