Stripe, the largest fintech company in the world, is taking steps towards cryptocurrency with the development of a new blockchain network.
Development of New Blockchain Network
According to a recent job posting on the Blockchain Association’s website, Stripe is developing a new cryptocurrency network called Tempo. This network is described as a high-performance blockchain focused on payments. The project is under development by a five-member team collaborating with Paradigm, a leading crypto venture capital firm.
Recent Acquisitions by Stripe
Valued at over $92 billion, Stripe previously acquired the stablecoin company Bridge for $1.1 billion. In June, the company also acquired crypto wallet developer Privy. These acquisitions highlight Stripe's growing interest in the regulation and implementation of stablecoins.
Future of Cryptocurrency Payments
Stripe is building a new infrastructure for cryptocurrency payments through its latest acquisitions. If the new network is EVM-compatible, it could process payments for ERC-20 tokens. There is also active discussion about whether Twitter (now X) will accept crypto payments, which could increase the number of websites ready to integrate cryptocurrency payments to 4.5 million.
Stripe's advancements in cryptocurrency technology indicate a significant shift in the financial landscape, focusing on improving the convenience and ease of payments.
