Stripe partners with Paradigm to develop Tempo blockchain

According to Fortune, on August 12th, fintech giant Stripe is collaborating with crypto venture capital firm Paradigm to develop a blockchain called Tempo.

The project is positioned as a high-performance, payment-focused Layer 1 blockchain compatible with Ethereum's programming language. Tempo is currently under development in secret, with a team of five. Previously, Stripe acquired stablecoin infrastructure company Bridge for $1.1 billion and crypto wallet developer Privy, furthering its stablecoin technology development. Fintech giant Stripe is collaborating with crypto venture capital firm Paradigm to develop a high-performance, payment-focused Layer 1 blockchain called Tempo. The project team is small and currently in a secretive phase.

Stripe has been increasing its investment in the crypto sector in recent years, acquiring stablecoin infrastructure company Bridge for $1.1 billion and crypto wallet developer Privy to build its stablecoin ecosystem. Stripe CEO Patrick Collison has stated that as the technology matures, stablecoins are gaining substantial commercial traction.

The Tempo blockchain will allow Stripe to control a key layer of stablecoin transaction processing, but the company has not yet disclosed whether it plans to issue a companion cryptocurrency.