According to a report by Fortune magazine, citing hiring information and informed sources, financial technology giant Stripe is collaborating with cryptocurrency startup Paradigm to develop a new Layer 1 blockchain called “Tempo.”
According to the report, a job posting published on August 3 on the website of the cryptocurrency lobbying group Blockchain Association indicates that “Tempo is a high-performance, payment-focused blockchain.” It has not been officially announced to the public, the team consists of only five members, and it is developing in collaboration with Paradigm. Applicants for the position are required to have “experience marketing to Fortune 500 audiences.” Matt Huang, co-founder and managing partner of Paradigm, is currently a board member at Stripe.
According to four informed sources, Tempo is a Layer 1 blockchain that is not built on top of other protocols and is compatible with the programming language used by Ethereum.
Spokespeople for Stripe and Paradigm declined to comment. After Fortune magazine contacted both companies, the job posting was removed.
Tempo is Stripe’s latest move in the cryptocurrency space. The company has seen its valuation grow to nearly $92 billion, driven by payment products like simplified online checkout and enterprise automation for invoicing.
In October of last year, Stripe acquired stablecoin infrastructure company Bridge for $1.1 billion, marking the company’s largest acquisition to date. In June of this year, the payment giant also acquired cryptocurrency wallet developer Privy.
