a16z fund backs Celo cryptocurrency network's $20m investment fund

a16z fund backs Celo cryptocurrency

Valora, a mobile wallet designed for use on the Celo network, has raised $20m in a Series A funding round led by venture capital fund Andreessen Horowitz (a16z).

1/ Today I’m thrilled to share that a16z crypto is leading a $20 million Series A in @ValoraApp, a mobile-first crypto wallet, enabling borderless payments in seconds with near zero fees.

Other participants include Polychain Capital, SV Angel, Nima Capital, NFX and Valor Capital.

The cryptocurrency payment app started as an internal project of Celo Labs, but will develop as a separate company once it receives funding. Its CEO will be Jackie Bona, who was previously head of consumer growth at the startup.

    "We are delighted to support the team as they continue to develop the product and provide even more people around the world with access to cryptocurrency," a16z partners Katie Haun and Arianna Simpson wrote in a blog post.

Valora was officially launched in February 2021, when the Celo platform closed a $20 million funding round, with a16z participating.

According to the wallet team, the app has over 200,000 customers with balances and 53,000 monthly active users from over 100 countries.

To recap, telecommunications company Deutsche Telekom invested in Celo in April 2021.

Litecoin and Bitcoins

Understanding Litecoin. Like other decentralized cryptocurrencies, Litecoin is not issued by a government, which historically has been the only entity that society trusts to issue money. Instead of being regulated by a central bank and coming off the press at the Bureau of Engraving and Printing, Litecoins are created by an elaborate cryptocurrency procedure called mining, which consists of processing a list of Litecoin transactions.

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