Stripe, the $92 billion payments giant, is developing a new blockchain called Tempo, as revealed in a job posting on the Blockchain Association website.
New Blockchain Platform from Stripe
The listing, dated August 3, described Tempo as a 'high-performance, payments-focused blockchain.' The development is in collaboration with the crypto venture capital firm Paradigm. Notably, Tempo is currently in stealth mode with a small team of five people. The posting also mentioned that the company is looking for a product marketing professional with experience targeting Fortune 500 companies.
Stripe’s Strategy in the Crypto Sector
Sources indicate that Tempo will be a layer 1 blockchain built from scratch, compatible with Solidity, Ethereum's programming language. The posting was taken down after Fortune contacted Stripe and Paradigm for comments. This step is part of Stripe’s increasing efforts in the crypto and stablecoin sector. Last October, Stripe acquired Bridge, a company that helps businesses use and issue stablecoins, for $1.1 billion.
Growing Interest in Stablecoins
Interest in stablecoins, cryptocurrencies pegged to stable assets like the U.S. dollar, has surged over the past year, especially following the passing of the GENIUS Act in July, which established new federal rules for the industry. Major tech companies such as Meta, Apple, and Airbnb are exploring stablecoin payments, but Stripe seems to be moving faster. While Stripe has not publicly explained why it is building Tempo or whether it will create its own cryptocurrency, having its own blockchain could provide greater control over processing stablecoin transactions and reduce payment costs for businesses worldwide.
The development of the Tempo blockchain highlights Stripe's strategic focus on the cryptocurrency and stablecoin market, which could lead to significant changes in payment infrastructure in the future.
