Stripe, the $92 billion payments giant, is secretly building a new blockchain called Tempo, according to a job posting that appeared on the website of the Blockchain Association.
The listing, dated August 3, described Tempo as a “high-performance, payments-focused blockchain” and revealed that it’s being developed in partnership with crypto venture capital firm Paradigm.
As reported by Fortune, the job posting reveals Tempo is still in stealth mode, with a small team of five people, and is looking for a product marketing professional with experience targeting Fortune 500 companies.
Stripe Eying for Layer 1 Blockchain Infrastructure
Sources say Tempo will be a layer 1 blockchain, built from scratch rather than on top of another network, and will be compatible with Solidity, Ethereum’s programming language. The posting was, however, taken down after Fortune contacted Stripe and Paradigm for comment.
This move is the latest in Stripe’s growing push into crypto and stablecoins. Last October, Stripe bought Bridge, a company that helps businesses use and issue stablecoins, for $1.1 billion. In June, it also acquired Privy, a crypto wallet developer. These deals have given Stripe more control over stablecoin payment infrastructure, from issuing coins to building wallets.
Stablecoins Gain Ground
Interest in stablecoins, cryptocurrencies pegged to stable assets like the U.S. dollar, has surged in the past year, especially after the U.S. passed the GENIUS Act in July, which created new federal rules for the industry. Big tech companies like Meta, Apple, and Airbnb are exploring stablecoin payments, but Stripe appears to be moving faster.
While Stripe hasn’t publicly explained why it’s building Tempo or whether it will create its own cryptocurrency, having its own blockchain could give it greater control over processing stablecoin transactions and reduce payment costs for businesses worldwide.
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