Stripe-backed Tempo blockchain raises $500 million Series A at a $5 billion valuation

Tempo, a Layer 1 blockchain optimized for high-throughput payments and settlement, incubated by Stripe and Paradigm, has successfully raised $500 million in a Series A funding round. The round was led by Thrive Capital and Greenoaks, bringing Tempo's valuation to approximately $5 billion, with participation from Sequoia Capital, Ribbit Capital, and SV Angel. Notably, Stripe and Paradigm did not participate in this specific funding round. Tempo is designed to be Ethereum-compatible and is already working with major firms like OpenAI, Shopify, Visa, Anthropic, and Deutsche Bank. The project is being led by Paradigm co-founder Matt Huang, and its recent momentum includes the hiring of prominent Ethereum developer Dankrad Feist. This funding bolsters Stripe's broader crypto strategy, which has recently included acquisitions like Bridge and Privy, and integration with Coinbase's Base L2 network.

(Source：The Block)