Stripe-Backed Tempo Blockchain Secures $500M at $5B Valuation

Tempo, a payments-focused blockchain developed by fintech giant Stripe and crypto venture firm Paradigm, has closed a $500 million Series A funding round led by Greenoaks and Thrive Capital, Fortune reported, marking one of the largest blockchain venture deals in recent years.

The round values Tempo at $5 billion, with participation from Sequoia, Ribbit Capital, and SV Angel, according to sources familiar with the transaction. Neither Paradigm nor Stripe contributed capital to the financing.

The involvement of Greenoaks and Thrive Capital represents a significant development, as both firms typically focus on mainstream technology sectors including artificial intelligence and enterprise software rather than crypto-native investments.

Tempo is building infrastructure specifically designed for stablecoins, betting that dollar-backed cryptocurrencies will become foundational to global payments systems. Design partners include OpenAI, Shopify, and Visa, positioning the platform to compete with established stablecoin issuers like Circle and Tether while challenging traditional payment networks such as Mastercard.

Paradigm managing partner Matt Huang, who serves on Stripe's board, leads the Tempo initiative. The blockchain remains stablecoin-agnostic, allowing different tokens to cover transaction processing fees rather than requiring a single native currency. Launch timing and plans for a potential native token remain undisclosed.

The funding represents Stripe's most ambitious blockchain venture following significant crypto acquisitions. The company purchased stablecoin startup Bridge for $1.1 billion in February and announced plans to acquire crypto wallet provider Privy in June for an undisclosed amount.

Stripe has already deployed stablecoin-related products including Open Issuance, which enables customers to launch their own stablecoins. Bridge submitted an application Tuesday for a national bank trust charter to comply with the Genius Act, recently enacted legislation establishing regulatory frameworks for stablecoin issuers.

Tempo joins a growing wave of corporate blockchain initiatives from major financial technology companies. Robinhood and Circle have both announced plans to develop proprietary blockchains since January, reflecting broader ambitions among fintech firms to control the entire technology stack powering cryptocurrency transactions.