Stripe’s blockchain project, Tempo, has raised $500 million in a Series A round led by Greenoaks and Thrive Capital, valuing the payments-focused network at $5 billion, according to Fortune.
Ron Conway’s Sequoia Capital, Ribbit Capital and SV Angel also joined the round, while Stripe and Paradigm did not contribute additional capital, a person familiar with the matter said. deal He said.
This news comes less than two months after Stripe, the global payments and fintech giant, revealed plans for a new layer-one blockchain in partnership with Paradigm, a venture capital firm that invests in cryptocurrency and Web3 startups.
On September 4, Patrick Collison, CEO of Stripe, wrote on the
“We see Tempo as the first payments-oriented language, optimized for large-scale, real-world financial applications,” he said.
Although a launch date has not been set for Tempo, Georgios Konstantopoulos, Paradigm’s chief technology officer, said Friday that the core team behind its open source projects in Ithaca is joining Tempo to help build out the blockchain’s payments infrastructure and scale its engineering efforts.
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Competitive stablecoin market
While Stripe has not revealed plans for a native Tempo token, blockchain’s focus on payments infrastructure puts it in competition with many stablecoin issuers already built into global payment systems.
One competitor will be Circle, issuer of USDC (USDC), a stablecoin backed 1:1 against the US dollar and integrated with Mastercard and Visa. USDC was launched in 2018 and is currently in use He has It has a market cap of $75.6 billion, trailing only Tether’s USDt (USDT).
In August, Circle announced that it would launch a first layer of blockchain later this year to provide an “enterprise-grade foundation” for stablecoin payments, capital market applications, and forex.
Much of the recent momentum in the stablecoin space follows the passage of the GENIUS Act in the United States. Legislation was enacted in July to set federal rules for stablecoin issuers.
Stablecoins linked to the euro are also becoming more popular, as the European Union aims to compete with token currencies denominated in the US dollar.
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