Matt Huang, co-founder and managing partner of crypto investment firm Paradigm, is set to become the CEO of Stripe’s new blockchain project, according to a report from Fortune. The project, reportedly named Tempo, is being developed in collaboration between Paradigm and the fintech giant.
According to sources cited by Fortune, Huang, who already serves on Stripe’s board, will lead the new venture while continuing his role at Paradigm. The news follows a job posting on the Blockchain Association’s website that described Tempo as a “high-performance, payments-focused blockchain.” Although the post was later removed, it outlined the search for a marketing hire to help with launch strategies for the mainnet and new features.
Tempo is reportedly an EVM-compatible Layer 1 blockchain. While Stripe has not publicly commented on its plans or a timeline for the project, sources suggest it will focus on payments. There has been no indication of whether the company plans to issue its own cryptocurrency.
This new project is the latest step in Stripe’s growing involvement in the crypto space. The company acquired stablecoin infrastructure firm Bridge for a record $1.1 billion last October and later launched a stablecoin feature on its platform. Stripe also recently partnered with Coinbase to integrate its Base Layer 2 network and acquired crypto wallet firm Privy.
Stripe’s move comes as other major fintech companies are also developing their own blockchains. Stablecoin issuer Circle announced plans for a new stablecoin-focused Layer 1 called Arc, and Robinhood unveiled its own Arbitrum-powered Layer 2 network in May.