Stripe acquires Valora team as Tempo open testnet launches
Stripe has acquired the team behind crypto wallet provider Valora, one day after the company launched the public testnet for Tempo, its stablecoin-focused blockchain initiative developed with Paradigm. Valora CEO Jackie Bona said the team will join Stripe to support the company’s blockchain efforts.
Valora was formed in mid-2021 after spinning out of Celo developer cLabs and raised $20 million in a Series A round. The Valora mobile app functions as a wallet for stablecoins and other assets across Celo, Ethereum, Base, Optimism and Arbitrum. The team also built an open protocol launchpad aimed at mobile-first Web3 applications.
Bona said Stripe shares the view that stablecoins and crypto can broaden access to the global economy, and that integrating Valora’s team will allow it to apply Web3 and user-experience expertise at scale. While Stripe did not specify the team’s exact remit, the group brings experience in international payments, digital wallets and mobile-native Web3 products. Bona added that recent discussions made clear the mission could move faster within Stripe’s financial infrastructure platform.
The Valora app will remain available, with operations and future development transitioning back to cLabs.
Momentum builds around Stripe and Tempo
Following a period of intermittent engagement with crypto, Stripe has expanded its activity in the sector over the past two years. The company unveiled Tempo four months ago in partnership with Paradigm, with the network cited as having a $5 billion pre-launch at that time.
The acquisition announcement came a day after Stripe and Paradigm opened Tempo’s testnet, which highlighted the ability to create stablecoins directly in the browser, among other features.
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