TechFlow news, December 11 — According to The Block, payments giant Stripe is expanding its cryptocurrency business by acquiring the team from crypto startup Valora.
Valora founder Jackie Bona announced Wednesday that the team will join Stripe "in pursuit of our shared mission to expand access to the global financial system." Terms of the deal were not disclosed, including how many Valora employees will join Stripe.
Founded in 2021, Valora developed a mobile self-custody cryptocurrency wallet application focused on stablecoins built on the CELO blockchain. According to Bona, Stripe's acquisition does not appear to include intellectual property rights to Valora's technology, and the app will "continue to exist by returning to its original home at cLabs."
Previous report, Stripe announced its stablecoin payment functionality will launch on December 12, supporting the Ethereum, Base, and Polygon networks.
