"A high-profile project launched by fintech giant Stripe and crypto VC firm Paradigm has just made its first venture bet. On Friday, Tempo, a payments-focused blockchain, announced it's led a $25 million fundraise for the crypto infrastructure company Commonware. As part of the arrangement, the Stripe-backed project will work with Commonware to develop methods to process blockchain payments more quickly, Paradigm general partner and CTO Georgios Konstantopoulos said in a blog post."
"Patrick O'Grady, founder of Commonware, declined to name other participants in the fundraise for his startup, which develops open-source code to allow others to launch their own blockchains. O'Grady also declined to disclose the valuation for his firm following the Tempo-led raise, but said it was a "significant increase" over the valuation in Commonware's seed round, which Pitchbook reports as $63 million."
""Usage and distribution is way more important than money as a startup," he told Fortune. "If we can short circuit that process and have a deep relationship, multi-year relationship, with a great team, instead of raising maybe a traditional round from a venture fund, that was the opportunity that Tempo presented.""
Tempo, a payments-focused blockchain launched with backing from Stripe and Paradigm, led a $25 million fundraise for Commonware to speed blockchain payments. Commonware builds open-source code enabling others to launch blockchains. Founder Patrick O'Grady declined to name other investors and declined to disclose a post-raise valuation, saying the new valuation represented a significant increase over the firm's seed valuation of $63 million. Tempo will collaborate with Commonware to develop faster blockchain payment processing. Tempo has also acquired startup Ithaca, hired researcher Dankrad Feist, and expanded headcount from about five employees to roughly 40–50.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]