The crypto and fintech worlds are colliding again and this time, it’s in a big way. Tempo, a new payments-focused blockchain co-developed by Stripe and venture firm Paradigm, has raised $500 million in a blockbuster Series A round led by Joshua Kushner’s Thrive Capital and Greenoaks.
The round values Tempo at $5 billion, making it one of the largest blockchain venture raises in recent years. Other backers include Sequoia, Ribbit Capital, and Ron Conway’s SV Angel, though Stripe and Paradigm did not add fresh capital.
Tempo is built to power stablecoin-based payments, positioning itself as the next-generation infrastructure layer for global financial transactions. The blockchain counts OpenAI, Shopify, and Visa among its design partners; a clear sign of how mainstream players are now moving into crypto rails.
By focusing on speed, compliance, and integration with fintech platforms, Tempo aims to compete directly with stablecoin giants like Circle and Tether, while challenging traditional payment networks such as Mastercard.
The involvement of Thrive and Greenoaks; two firms traditionally focused on software, AI, and consumer startups, highlights how blockchain is entering the venture mainstream. Their investment in Tempo reflects a growing belief that stablecoins are the next frontier of fintech.
Tempo is part of Stripe’s larger strategy to own the future of payments infrastructure. The fintech giant recently acquired Bridge, a stablecoin startup, for $1.1 billion, and announced plans to purchase Privy, a crypto wallet company. Stripe has also launched Open Issuance, a tool allowing businesses to issue their own stablecoins, and applied for a national bank trust charter to align with new U.S. crypto regulations.
Tempo has not yet confirmed its launch date or whether it will release its own token. The company says it will remain “stablecoin agnostic,” meaning users can pay transaction (“gas”) fees in various digital currencies.
Behind the scenes, Paradigm’s Matt Huang, who also sits on Stripe’s board, is spearheading the project. Tempo’s rise comes amid a wave of similar blockchain efforts from major fintech players, including Robinhood and Circle, who are all racing to control the full stack of crypto payments technology.
As Stripe and its partners double down on blockchain, one thing is clear — the stablecoin era has arrived, and Tempo plans to be at its center.
