Tempo, a blockchain startup focused on stablecoin payment processing and backed by Stripe, has successfully raised $500 million in a Series A funding round, valuing the company at $5 billion. This marks one of the largest blockchain venture rounds in recent years, with investments co-led by Thrive Capital and Greenoaks, and participation from Sequoia and other venture capital firms.
In a significant development, Dankrad Feist, a veteran developer from the Ethereum Foundation since 2018, announced his move to Tempo. Feist stated, "I am excited to announce that I will be joining Tempo. This last year has been a turning point for crypto, where we have finally seen the outlines of our vision being materialized. While payments used to be front and center in the early days of crypto, I see a special opportunity…" He emphasized that Tempo's work will complement Ethereum's vision in the long term, rather than compete with it.
Tempo's blockchain is designed as a Layer 1 solution optimized for high throughput and low latency, targeting global payment processing with stablecoin support. The platform integrates tools like Bridge and Privy for secure transactions and plans to collaborate with other blockchain protocols, such as Agora, to enhance connectivity. Despite its growth, Tempo has not announced plans to launch its own token and remains compatible with multiple third-party stablecoins, signaling a focus on infrastructure rather than direct token issuance.
This funding round underscores growing TradFi (traditional finance) commitment to stablecoins and blockchain payments, with Stripe expanding its ecosystem through Tempo. The involvement of high-profile investors like Jared Kushner's Thrive Capital highlights confidence in Tempo's potential to revolutionize enterprise payments and drive broader adoption of digital assets.
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