Crypto app Valora raises $20M, becomes independent from Celo

Celo-powered crypto pockets Valora has closed on a $20 million funding spherical, as the corporate introduced it’s going to turn into a standalone entity.

In a Tuesday announcement, Valora mentioned Andreessen Horowitz, Polychain Capital, SV Angel, Nima Capital, NFX, Valor Capital, and others had invested $20 million in a Sequence A spherical for the crypto app, which can now function as an unbiased firm. Jackie Bona, the previous head of shopper development of Celo’s cLabs cLabs, will turn into Valora’s new chief government officer.

“I’m delighted to be main Valora at such a dynamic time on this necessary evolution, each as an unbiased firm and within the cryptocurrency world at massive,” mentioned Bona. “Client consciousness of crypto has by no means been larger, and but many individuals stay on the sidelines, both on account of skepticism or lack of entry.”

Valora mentioned it’s going to use the funds for product growth and create instructional content material “to get extra folks comfy utilizing cryptocurrencies.” The platform reported it has greater than 53,000 month-to-month energetic customers capable of ship funds all over the world.

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First launched in February, Valora permits customers to ship funds with its Celo Greenback stablecoins (cUSD), backed by different cryptocurrencies within the Celo ecosystem. The worth of the blockchain’s native token CELO is $2.55 on the time of publication.