Stripe’s new layer-1 blockchain, Tempo, has raised $500M at a $5B valuation to power the future of crypto payments. Built for scale, Tempo aims to redefine how stablecoins work in real-world finance.
Key Points:
Stripe CEO Patrick Collison rocked the crypto world (in a good way) on September 4 when he announced that the company is working on Tempo, a new layer-1 blockchain designed specifically for high-scale, real-world financial applications.
‘As the use of stablecoins (and crypto more broadly) grows across Stripe, Bridge, and Privy, we found that existing blockchains are not optimized for them,’ Patrick wrote on X.
And now, a little over a month since that announcement, Tempo is gaining serious steam. It recently underwent a Series A funding round led by Green Oaks and Thrive Capital, where it raised a mind-boggling $500M.
This puts the valuation of this payments-focused layer-1 network at $5B, according to Fortune.
Although we don’t yet have a launch date for Tempo, it has been confirmed by Georgios Konstantopoulos, the Chief Technology Officer at Paradigm, that the core team behind their open-source projects at Ithaca is joining Tempo ‘with the same commitment to help crypto succeed by building the infrastructure it needs to scale and meet real-world demand.’
Of course, Tempo will be in direct competition with stablecoin issuers like Circle and Tether. That said, the launch of more stablecoins, especially by a reputable company like Stripe, is certainly great for crypto’s overall growth.
It’s also worth mentioning that the recent passing of the GENIUS Act in the U.S. – legislation that provides a clear regulatory framework for stablecoin issuers – is one of the biggest factors behind this renewed interest in stablecoins.
All in all, the crypto payments market is emerging as a hot favorite among institutional investors, as it’s one area that still offers massive room for innovation and could greatly contribute to crypto’s overall adoption and ease of use.
With that in mind, it’s worth looking for opportunities that let you ride the growth of such projects.
Sure, while you can’t directly invest in Tempo – even though it’s highly likely to become one of the next big things in the crypto space – there are other low-cap, high-upside opportunities you can grab right now.
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Disclaimer: This content has been supplied by a third party contributor. Brave New Coin does not endorse or promote any products or services mentioned herein. Readers are encouraged to conduct independent research before making any financial decisions. The information provided is for informational and educational purposes only and should not be interpreted as investment advice.
Source: https://bravenewcoin.com/partner/stripe-tempo-500m-raise-why-best-could-be-next-1000x-crypto