Stripe is moving further on its blockchain project Tempo with naming Matt Huang, Co-Founder and Managing Partner at crypto venture firm Paradigm, as the first CEO of its planned blockchain, Tempo.
Huang, who is already a member of Stripe’s board, will continue his role at Paradigm while leading the blockchain, as reported by Fortune. Representatives for Stripe and Paradigm declined to comment on the appointment of the project.
As a leading fintech company, valued at $91.5 billion, Stripe has made major moves into the crypto sector in the past year, including the purchase of stablecoin firm Bridge and the crypto wallet provider Privy.
Stripe’s Tempo: A New Layer-1 Blockchain
Tempo will be a layer-1 blockchain, meaning it will run independently rather than on Ethereum (ETH) or other main chains. The blockchain will also be compatible with Ethereum code, as per sources reported on Fortune. However, details about a token or launch date have not been shared.
Huang has long worked closely with Stripe through his board role. His appointment highlights the company’s strong push into crypto and its aim to compete in the crowded stablecoin and payments sector.
Paradigm, co-founded by Huang and Fred Ehrsam, the Co-Founder of Coinbase, manages $12.7 billion in assets and has backed top crypto projects, including Uniswap, Kalshi, and Fireblocks. Ehrsam stepped down as Managing Partner in 2023 to focus on his brain interface startup Nudge, but remains a General Partner.
Paradigm’s Support to Stripe’s Tempo
Paradigm also raised an $850 million third fund in 2024. The firm has a record of building its own projects, such as the Ethereum toolbox Foundry and the open-source crypto bot Artemis.
Stripe’s move to have Huang lead Tempo comes as crypto payments face growing competition. Major players, including Circle, have announced blockchain projects and the payment processing giant aims to position itself as a key player in digital finance.
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