Stripe’s Tempo blockchain raises $500M at $5B valuation

Stripe's new blockchain project, Tempo, has successfully raised $500 million in a Series A funding round led by Thrive Capital and Greenoaks, achieving a valuation of $5 billion. The funding comes shortly after Stripe announced Tempo, a layer-1 blockchain aimed at optimizing stablecoin and real-world payment transactions. Other investors in this funding round include Sequoia Capital, Ribbit Capital, and SV Angel. CEO Patrick Collison emphasized that current blockchains are not suitable for the growing use of stablecoins, positioning Tempo as a payments-oriented blockchain for high-scale financial applications. While Tempo's launch date remains unspecified, key contributors from Paradigm’s open-source projects are joining the project to bolster its infrastructure and engineering capacity. Although there is no announcement yet regarding a native Tempo token, Tempo faces competition from established entities in the stablecoin market, such as Circle and Tether, as it gears up to make its mark in the evolving digital payment landscape.

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