Stripe, darling of the payments world, is covertly concocting a shiny new blockchain christened Tempo, developed in cahoots with venture capital firm Paradigm. 🕵️♂️💼
Summary
- Stripe is whipping up Tempo, a layer-1 Ethereum-compatible payments blockchain with Paradigm. 🥳
- The move follows acquisitions of Privy and Bridge to expand stablecoin capabilities. 🌉
- Controlling a blockchain could slash costs, expedite settlement, and deepen enterprise adoption. 💰🏃♂️
According to an Aug. 11 report from Fortune, the project emerged like a shy debutante through a now-removed job posting on the Blockchain Association’s career site, revealing early details about this stealthy endeavor. 🕵️♀️📜
A new payments infrastructure play
Tempo is portrayed as a high-performance layer-1 blockchain compatible with Ethereum’s (ETH) programming language, allowing developers to port applications with minimal fuss. 🚀 The job ad, dated Aug. 3, mentioned a five-person core team and sought candidates experienced in marketing to Fortune 500 clients. 😎
Four individuals briefed on the project confirmed its Ethereum compatibility, though neither Stripe nor Paradigm has publicly commented. The posting was removed after Fortune reached out to the companies, highlighting the cloak-and-dagger nature of the work. 🕵️♂️🔍
Matt Huang, Paradigm’s cofounder and managing partner, sits on Stripe’s board, providing a direct link between the payments titan and the crypto investment firm. 🤝
Expanding the stablecoin stack
The blockchain initiative builds on Stripe’s recent expansion into stablecoin infrastructure. 🌉 The company added support for on-chain account integration at checkout when it acquired wallet provider Privy in June. Earlier in October 2024, it shelled out $1.1 billion to acquire Bridge, a stablecoin infrastructure company, enabling businesses to process and issue stablecoin payments. 💸
Stripe has launched several other stablecoin-related products, including payment services in emerging markets, merchant Visa-linked cards, and financial accounts for holding and trading stablecoins. 💳 Stripe could optimize stablecoin settlement speed, reduce reliance on external networks, and customize transaction costs for business clients by managing its blockchain layer. 🚀
Although Stripe has not disclosed whether Tempo will launch its cryptocurrency, industry pundits note that controlling the base blockchain layer would allow the company to consolidate its role in the stablecoin payments stack, from wallet services to transaction processing. 🕵️♂️📈
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2025-08-12 06:19