According to a report by (Fortune) magazine citing a job posting and informed sources, fintech giant Stripe is collaborating with cryptocurrency venture firm Paradigm to develop a new Layer 1 blockchain called 'Tempo'.
According to reports, a job posting published on August 3 on the website of the cryptocurrency lobbying group 'Blockchain Association' indicated that 'Tempo is a high-performance, payment-focused blockchain', which has not yet been formally announced, with a team of only five people, and is working with Paradigm on development. Applicants for the position must have 'experience marketing to Fortune 500 audiences'. Paradigm co-founder and managing partner Matt Huang is currently a board member at Stripe.
According to four informed sources, Tempo belongs to Layer 1 blockchain and is not built on top of other protocols, and is compatible with the programming language used by Ethereum.
Spokespersons for both Stripe and Paradigm declined to comment. After (Fortune) magazine contacted the two companies, the job posting has been removed.
Tempo is Stripe's latest move in the cryptocurrency space. The company has seen its valuation grow to nearly $92 billion, thanks to payment products such as simplified online checkout and enterprise automation for invoicing.
In October last year, Stripe acquired stablecoin infrastructure company Bridge for $1.1 billion, marking the company's largest acquisition to date. In June this year, the payment giant also acquired cryptocurrency wallet developer Privy.
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