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

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

In a Tuesday announcement, Valora stated Andreessen Horowitz, Polychain Capital, SV Angel, Nima Capital, NFX, Valor Capital, and others had invested $20 million in a Collection A spherical for the crypto app, which is able to now function as an independent firm. Jackie Bona, the previous head of shopper progress of Celo’s cLabs cLabs, will develop into Valora’s new chief government officer.

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

Valora stated it’s going to use the funds for product improvement and create instructional content material “to get more people comfortable using cryptocurrencies.” The platform reported it has greater than 53,000 month-to-month energetic customers capable of ship funds all over the world.

Associated: Opera declares help for Celo stablecoins in its crypto pockets app

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 value of the blockchain’s native token CELO is $2.55 on the time of publication.

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