The team behind crypto payments app Valora will join Stripe as the payments giant accelerates its expansion into blockchain technology and stablecoins, Valora founder Jackie Bona said in a blog post on Wednesday.
“We have seen firsthand how access to stablecoins and cryptocurrency rails can expand economic opportunity,” Bona said. “Over the past few months, it has become clear to us that joining Stripe, one of the world’s leading financial infrastructure platforms, will accelerate this mission.”
Valora is a mobile-focused crypto payment app. Ethereum Layer 2 Network. The startup spun out of Celo’s development organization, cLabs, in 2021 and raised $20 million at the time.
A Stripe spokesperson confirmed the news to CoinDesk, adding that Valora’s “team’s experience in crypto wallet infrastructure and on-chain developer tools brings valuable expertise to our ongoing crypto efforts.”
This news follows Stripe’s recent efforts to incorporate cryptocurrency rails into its payments functionality, as stablecoins gain popularity as a cross-border payment tool. The company recently acquired stablecoin infrastructure company Bridge and wallet app Privy. It has also developed (in collaboration with crypto investment firm Paradigm) a payments-focused blockchain called Tempo, designed for stablecoin payments. Tempo is already in the testing phase.
Read more: Why Circle and Stripe (and many others) are launching their own blockchains
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