"As fervor around stablecoins grows from Silicon Valley to Wall Street, one of the most high-profile new crypto projects has drummed up a massive coffer of funds to back its ambitious plans. Tempo, a payments-focused blockchain developed by the fintech giant Stripe and the blockchain venture firm Paradigm, has raised $500 million in fresh funding in a Series A round led by venture giant Greenoaks and Joshua Kushner's Thrive Capital, according to five people familiar with the matter."
"The round values Tempo at $5 billion, representing one of the highest valued blockchain venture rounds over the past few years. Sequoia, Ribbit Capital, and Ron Conway's SV Angel also participated, according to one of the people. Paradigm and Stripe did not contribute capital to the round. The Tempo blockchain-which includes design partners such as OpenAI, Shopify, and Visa-is primarily designed for stablecoins, and represents a bet that the dollar-backed cryptocurrencies will become the new infrastructure layer for global payments."
Tempo secured $500 million in a Series A round led by Greenoaks and Thrive Capital, valuing the project at $5 billion. Sequoia, Ribbit Capital, and SV Angel also participated while Tempo's developers Stripe and Paradigm did not contribute capital. The blockchain includes design partners such as OpenAI, Shopify, and Visa and is primarily designed to support dollar-backed stablecoins as a payments infrastructure. The involvement of mainstream venture firms positions Tempo to compete with crypto-native stablecoin issuers like Circle and Tether and challenge traditional payments incumbents. Stripe has expanded its crypto efforts through acquisitions and stablecoin product rollouts.
Read at Fortune Crypto
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