Stripe, a popular payment processing platform, has expanded its portfolio by launching a new blockchain project called Tempo. The company has tapped Matt Huang, Paradigm co-founder and a longtime member of Stripe’s board, to lead Tempo as the new CEO. According to Fortune, the project signals the $92 billion fintech company’s intent to play a central role in shaping the future of payments through blockchain technology. Stripe and Paradigm Join Forces on Tempo Reportedly, Tempo is a collaborative effort between Stripe and Paradigm. Multiple sources familiar with the matter confirmed that Tempo will be an EVM-compatible Layer 1 blockchain. This structure would allow it to interact with existing Ethereum-based applications while maintaining its network. At the moment, Tempo has only five team members. A recently deleted job posting described the project’s focus and revealed its plans to hire its first marketing lead. The role calls for a candidate with both deep crypto knowledge and experience in major corporate environments. Key responsibilities will include designing launch strategies for the mainnet, guiding major protocol upgrades, and introducing new features to the public. Stripe Sees Matt Huang as a Strategic Fit to Lead Tempo Huang brings a blend of venture capital experience and deep crypto market insight. Before founding Paradigm in 2018 with Coinbase co-founder Fred Ehrsam, Matt Huang was a partner at Sequoia Capital. Under his leadership, Paradigm has become one of the leading crypto investment firms. It has invested heavily in new projects and big ones like Uniswap, Optimism, Phantom, and Zora. The venture firm also has assets of billions of dollars under management. Huang also already has close connections to Stripe as a member of its board. He will continue serving as managing partner at Paradigm while overseeing the development of Tempo. Notably, Stripe has not shared a timeline for Tempo’s launch or explained its strategic goals for building a blockchain. The company has also not indicated whether it plans to issue its cryptocurrency. Rising Competition in Fintech Blockchains Stripe’s blockchain plans come as other fintech players push into the same space. Most recently, Circle revealed plans for Arc, a Layer 1 network focused on stablecoins. In May, Robinhood announced plans for an Arbitrum-powered Layer 2 solution. Tempo is the latest in a series of blockchain-focused moves by the payments giant. In October 2024, Stripe acquired stablecoin infrastructure company Bridge for $1.1 billion. That acquisition paved the way for a stablecoin payment feature launched in May this year. In June 2024, Stripe teamed up with Coinbase to add Coinbase’s Base Layer 2 network to its crypto payment options. Around the same time, Coinbase also made Stripe a payment choice in its Coinbase Wallet. Earlier this year, Stripe bought crypto wallet startup Privy to boost its blockchain payment tools. The post Stripe Taps Paradigm’s Matt Huang as CEO for Blockchain Project Tempo appeared first on TheCoinrise.com .
