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Valora stated that the funds will be used for product development and the creation of educational content “to get more people comfortable using cryptocurrencies.”
Valora, a Celo-powered crypto wallet, has closed a $20 million funding round, and the company has announced that it will become a separate entity.
In a Tuesday announcement, Valora said 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 of Celo’s cLabs cLabs, will become Valora’s new chief executive officer.
“I am delighted to be leading Valora at such a dynamic time in this important evolution, both as an independent company and in the cryptocurrency world at large,” said Bona. “Consumer awareness of crypto has never been higher, and yet many people remain on the sidelines, either due to skepticism or lack of access.”
Valora stated that the funds will be used for product development and the creation of educational content in order to “get more people comfortable using cryptocurrencies.” According to the platform, it has over 53,000 monthly active users who can send money all over the world.
Valora, which debuted in February, allows users to send payments using its Celo Dollar stablecoins (cUSD), which are backed by other cryptocurrencies in the Celo ecosystem. At the time of publication, the price of the blockchain’s native token CELO is $2.55.