Tempo, Stripe’s new blockchain, hits $5B valuation in $500M funding round

Tempo, the layer-1 blockchain project unveiled by payments giant Stripe less than two months ago, successfully raised $500 million in a Series A funding round, leading to a $5 billion valuation. The round was co-led by Thrive Capital and Greenoaks, with participation from Sequoia Capital, Ribbit Capital, and SV Angel. Stripe and Paradigm, which partnered on the initial unveiling, did not contribute new capital to this specific round. Stripe CEO Patrick Collison stated that Tempo is designed as a payments-oriented L1, optimized for high-scale, real-world financial applications because existing blockchains are not optimized for stablecoins and broader crypto use across Stripe's services. The core team behind Ithaca, Paradigm's open-source projects, is joining Tempo to build out its payments infrastructure. The development places Tempo in competition with stablecoin issuers like Circle, which is also planning to launch its own layer-1 blockchain for stablecoin payments.

(Source：Cointelegraph)