Stripe expands stablecoin integration by acquiring Valora team…accelerates blockchain payment strategy

Global payments company Stripe is accelerating the expansion of stablecoin payment technology and blockchain infrastructure after hiring the development team of the crypto assets (cryptocurrencies)-based payment app Valora. The company has recently been focusing on strengthening crypto payment functions by combining acquisitions of related startups with network development.

According to a report by CoinDesk on the 11th (local time), Valora founder Jackie Bona said, "The Valora team joining Stripe will accelerate the integration of blockchain and stablecoins." He said, "Stablecoin accessibility expands economic opportunities, and Stripe is a platform that can realize this goal quickly."

Valora is a mobile payment app built on Celo that spun out from cLabs after raising $20 million in 2021. A Stripe spokesperson explained that the Valora team's wallet infrastructure experience and on-chain development capabilities will help Stripe's crypto expansion strategy.

Stripe has recently been actively pursuing crypto-related technologies. The company acquired stablecoin infrastructure firm Bridge and wallet service Privi, and developed the blockchain Tempo for stablecoin payments together with Paradigm. Tempo is currently in the testing phase and focuses on improving payment processing efficiency.

CoinDesk reported that Stripe sees stablecoins as a means of cross-border payments and digital commerce innovation and is expanding related functions. The industry also evaluates that Stripe is gradually narrowing the boundary between traditional payments and on-chain payments.