Valora said it would use the funds for product development and create educational content “to make more people feel comfortable with cryptocurrencies.”
Celo-powered crypto wallet Valora closed a $ 20 million funding round as the company announced it would become a stand-alone entity.
In an announcement on Tuesday, Valora said that Andreessen Horowitz, Polychain Capital, SV Angel, Nima Capital, NFX, Valor Capital and others had invested $ 20 million in a Series A round for the crypto app, which will now operate as an independent company. Jackie Bona, the former head of consumer growth for Celo’s cLabs cLabs, will become the new CEO of Valora.
“I am delighted to lead Valora at such a dynamic time in this important evolution, both as an independent company and in the cryptocurrency world in general,” said Bona. “Consumer awareness of crypto has never been higher, yet many people are left on the sidelines, either out of skepticism or lack of access. “
Valora said it would use the funds for product development and create educational content “to make more people feel comfortable with cryptocurrencies.” The platform said it has more than 53,000 monthly active users who are able to send funds worldwide.
First launched in February, Valora allows users to send payments with its Celo Dollar (cUSD) stablecoins, backed by other cryptocurrencies in the Celo ecosystem. The CELO blockchain native token price is $ 2.55 at time of publication.