Stripe and Paradigm have launched a payments-focused blockchain called Tempo, currently on private testnet.
"We think of Tempo as the payments-oriented L1, optimized for high-scale, real-world financial services applications," Stripe CEO Patrick Collison said in a post to X on Thursday. "Tempo is an independent company, with Stripe and Paradigm as the first investors."
Tempo appears to be Stripe's latest foray into crypto, following its $1.1 billion acquisition of stablecoin infrastructure firm Bridge last October. Last month, Fortune reported that the $92 billion fintech giant was developing Tempo.
Stripe also partnered with Coinbase in June 2024, with the company incorporating Coinbase's Base Layer 2 network into its crypto payment products. The company then acquired crypto wallet firm Privy in June this year.
Tempo is already working with firms such as Anthropic, Deutsche Bank, DoorDash, Nubank, OpenAI, Revolut and Shopify, according to Collison.
"We hope that Tempo makes it easier for things like payment acceptance, global payouts, remittances, microtransactions, tokenized deposits, agentic payments, and more, to move onchain," he added.
Paradigm co-founder and Managing Partner Matt Huang is currently leading Tempo's team.
"As stablecoins go mainstream, there's a need for optimized infrastructure," Huang said in a post. "Tempo is purpose-built for stablecoins and real-world payments, born from Stripe's experience in global payments and Paradigm's expertise in crypto."
