Stripe's Tempo Blockchain Secures $500 Million, Luring Ethereum Talent

Stripe's ambitious blockchain project, Tempo, has made a significant splash in the crypto world. The company has reportedly closed a $500 million Series A funding round, valuing the project at a staggering $5 billion. This substantial investment underscores Stripe's commitment to its crypto ventures.

Key Funding Details

The funding round was reportedly co-led by venture capital firms Greenoaks and Thrive Capital. While official confirmations from Stripe, Tempo, Greenoaks, Thrive, and incubator Paradigm are still pending, the news has generated considerable buzz within the crypto community.

Ethereum Developer Joins Tempo

Adding to the excitement, Tempo has successfully recruited Dankrad Feist, a prominent core developer from the Ethereum network. Feist, a respected researcher at the Ethereum Foundation, will transition to Tempo while remaining a research advisor for selected Ethereum initiatives.

Feist cited his desire to bring crypto payments to a broader audience as a primary motivator for joining Tempo.

Community Reaction

While Ethereum co-founder Vitalik Buterin publicly wished Feist well, the move has sparked mixed reactions within the crypto community. Some view it as a loss for open-source development, while others see it as a positive step towards mainstream crypto adoption.

Influencers have weighed in, expressing concerns about the implications of a leading Ethereum developer joining a corporate blockchain project.

Key Takeaways

• Stripe's Tempo blockchain has raised $500 million in Series A funding.
• Tempo is now valued at $5 billion.
• Ethereum core developer Dankrad Feist has joined Tempo.
• The move has generated debate within the crypto community about open-source vs. corporate blockchains.