Matt Huang to Lead Stripe's Blockchain Venture: Tempo

Stripe, the $91.5 billion fintech giant, is doubling down on crypto with its new blockchain, Tempo. In a significant move, Matt Huang, co-founder and managing partner of Paradigm, will serve as Tempo's CEO.

Huang, already a Stripe board member, will juggle his responsibilities at Paradigm with leading Tempo. This demonstrates a strong commitment to Stripe's vision in the stablecoin space.

Paradigm and Stripe have declined to comment. However, sources familiar with the project suggest Tempo will be a high-performance, layer-1 blockchain compatible with Ethereum.

Key Takeaways:

• Stripe's Crypto Expansion: Launching its own blockchain indicates Stripe's ambitions to control its stablecoin technology stack.
• Paradigm's Involvement: Huang's leadership underscores Paradigm's confidence in Stripe's crypto strategy.
• Layer-1 Play: Tempo will be a foundational blockchain, not built on existing chains like Ethereum, allowing for independent development and optimization for payments.
• Ethereum Compatibility: Despite being layer-1, Tempo aims for Ethereum compatibility, suggesting a focus on leveraging existing Ethereum infrastructure and developer talent.

Questions Remain:

• When will Tempo launch?
• Will it have its own native token?

While Huang's dual role may raise eyebrows, Paradigm has a history of incubating projects. His involvement highlights the intensifying competition in the crypto payments sector.