Bitcoin carved its niche as peer-to-peer money, Ethereum evolved into the “world computer,” and now Tempo emerges as a blockchain dedicated to payments. Announced Thursday by global payments leader Stripe in partnership with crypto venture capital powerhouse Paradigm, Tempo positions itself as the next step in blockchain utility.
Even if Stripe’s name doesn’t sound familiar, chances are you’ve used its services. The company, valued at $91.5 billion, facilitates transactions in over 135 currencies across 51 countries. According to its website, roughly 9 in 10 U.S. adults have purchased something through a business powered by Stripe.
Stripe’s story began in 2010 when Irish brothers John and Patrick Collison, fresh from the 2009 Y Combinator (YC) accelerator program in San Francisco, founded the company. Their rapid success turned them into one of YC’s standout alumni. In a 2013 essay, YC cofounder Paul Graham described Stripe as one of the most impactful startups the accelerator had ever backed, noting the urgency of the problem it solved. Today, Stripe ranks sixth in YC’s history for funds raised, with more than $1.6 billion secured, according to the accelerator’s records.
Paradigm, established in 2018 by Matt Huang, a former Sequoia partner, and Coinbase co-founder Fred Ehrsam, has quickly become one of the most influential players in the crypto investment space. The firm oversees three major funds, with its latest closing at $850 million in June 2024. Estimates place Paradigm’s assets under management between $9 billion and $13 billion, based on previous disclosures.
Now, with Paradigm teaming up with Stripe, the duo has set their sights on launching Tempo—a blockchain designed from the ground up for payments. Currently in its testnet phase, Tempo has the potential to challenge the dominance of established networks like Bitcoin, Ethereum, and Solana in the payments arena.
“As stablecoins continue to gain traction, the demand for infrastructure tailored to real-world transactions has never been greater,” Huang shared on X. “Tempo is engineered specifically for stablecoins and global payments, drawing on Stripe’s payments expertise and Paradigm’s deep roots in crypto.”
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