Key Takeaways
- Stripe is developing Tempo, a high-performance blockchain for payments, in partnership with Paradigm, per a now-removed job posting.
- The move follows Stripe’s $1.1B acquisition of stablecoin firm Bridge and its purchase of crypto wallet developer Privy.
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Stripe is quietly developing a new blockchain, marking its latest push into the crypto and stablecoin ecosystem, according to a Fortune report.
A recently removed job posting for the crypto lobby group Blockchain Association described the project, called Tempo, as a high-performance, payments-focused blockchain. The listing said Tempo is in stealth, run by a five-person team, and built in partnership with Paradigm.
The blockchain will be a layer 1 compatible with Ethereum’s coding language, according to people briefed on the matter.
The fintech has been steadily assembling the core components of a stablecoin tech stack, from payment integration and wallet software to potentially operating its own blockchain infrastructure. In October, it announced a $1.1 billion deal to buy stablecoin infrastructure provider Bridge, and in June, it acquired crypto wallet developer Privy for an undisclosed sum.
The GENIUS Act, signed into law in July, has accelerated interest in stablecoins among major tech companies, but Stripe’s rapid moves put it ahead of peers like Meta, Apple, and Airbnb.
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