Stripe acquires Valora team to expand stablecoin business.

Payments giant Stripe is further expanding its crypto footprint by acquiring crypto wallet startup Valora (team integration, not technology asset acquisition) to strengthen its strategic position in global financial system accessibility. Valora founder Jackie Bona stated that the team will join Stripe to continue its mission of "making modern financial systems accessible to more people worldwide." Valora's technology and applications will not be acquired along with the team but will return to cLabs, the core development organization of Celo, to continue operating independently. Launched in 2021, Valora is a mobile self-custodied crypto wallet specifically for Celo chain stablecoin users. It has received investment from institutions such as a16z and Polychain and has partnered with M-Pesa and Tether to promote the global adoption of stablecoins. In recent years, Stripe has rapidly strengthened its stablecoin infrastructure, acquiring Bridge and Privy to advance stablecoin issuance, custody, and payment routes, and jointly developing the payment-oriented L1 blockchain Tempo. Stripe is also currently applying for a US banking license, further deepening its crypto payment capabilities. In his previous annual letter, the co-founder of Stripe stated that stablecoins are an "improvement in currency availability" and will become an important part of global payments. (The Block)