Fintech Giant Stripe is working with Crypto Venture Capital Firm Paradigm to develop a new blockchain project called “Tempo.” The information surfaced in a job posting on the Blockchain Association website on August 3rd. The post described the tempo as “a high-performance, payment-focused blockchain.”
According to the announcement, the project is still in the stealth phase, with a team of five and designed as Layer 1. No blockchain compatible with Ethereum coding language is built on top of other protocols. Matt Huang, co-founder and managing partner of Paradigm, who was involved in the development of Tempo, also serves on Stripe’s board of directors.
With a valuation of approximately $92 billion, Stripe is driving the growth of payment technology with Crypto Investments. In October, the company acquired Stablecoin Infrastructure Company Bridge for $1.1 billion. In June, it acquired Crypto Wallet Developer Privy in a deal that had not been priced.
These moves towards stubcoins reflect the growing interest in the sector over the past year. Signed by President Donald Trump in July, federal regulations on the ecosystem of Stablecoin, were made clear in the Genius Act. Supporters argue that Stablecoins are faster, cost-effective and more efficient than traditional payment infrastructures such as Swift and wire transfers.
*This is not investment advice.
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