Behind the scenes Stripe is working on their own blockchain, Tempo, marking a big move into the crypto and stablecoin ecosystem. Today, a five-person dedicated team — focused purely on the development of a high-performance, payments-focused blockchain — is developing the technology in conjunction with Paradigm. Right now, they’re incubating in stealth mode. This move positions Stripe ahead of its peers, such as Meta, Apple, and Airbnb, in the rapidly evolving digital currency landscape.
Tempo initially surfaced in public about a year ago when the crypto lobby group Blockchain Association posted a Tempo job listing. Unfortunately, that posting has also been removed. Stripe’s interest in blockchain tech isn’t surprising given its recent acquisition of stablecoin infrastructure provider Bridge for $1.1 billion. In June, it also acquired crypto wallet developer Privy for an undisclosed sum. These acquisitions further demonstrate Stripe’s dedication to enhancing its expertise in the increasingly crowded digital asset arena.
Tempo is a new layer 1 blockchain that is fully compatible with Ethereum’s coding language. This design focuses on interoperability and simplifies integrations for developers. As major tech companies start taking a stronger interest in stablecoins, Tempo could be well positioned. This positive trend is being driven, in large part, by legislative initiatives such as the GENIUS Act.
Stripe has been actively involved with the broader crypto and stablecoin ecosystem. This is indicative of their broader business strategy to capture new opportunities in the digital payments space. Stripe is building its own blockchain to improve its payment processing infrastructure. This competitive initiative will produce smarter, faster solutions for its taxpayers and customers around the world. The company’s ongoing investment in blockchain technology is a smart move, considering the growing global demand for advanced, efficient, secure, and decentralized payment systems.
