Stripe is funding a new blockchain company called Tempo, announced Thursday by co-founder CEO Patrick Collison. Tempo is intended to handle a large amount of Stablecoins. This is because they lock Crypto’s infamous volatility-reducing coins into stable assets like the US dollar. That’s not surprising given that Stripe has obtained the Stablecoin Company Bridge.
Surprisingly, the eye-opening list of companies that Stripe has already enlisted is Humanity, Coupang, Deutsche Bank, Doordash, Lead Bank, Mercury, Nubank, Openai, Revolut, Shopify, Standard Chartered and Visa. So, if the blockchain works well, these design partners need to be queued to use or provide for anything from payments to remittances for agents.
Additionally, Stripe Board member Matt Huang, co-founder of Paradigm, one of the most prestigious crypto VC companies, has signed to lead Tempo. We’re also investing in paradigms. Collison says Tempo will operate as an independent company.