Tempo, a payments-focused blockchain incubated by Stripe, has successfully raised $500 million in a Series A funding round, achieving a valuation of $5 billion. The funding, led by Thrive Capital and Greenoaks, underscores Stripe's increasing involvement in the cryptocurrency sector as Tempo aims to optimize high-throughput payments on an Ethereum-compatible Layer 1 network.

Stripe's new corporate blockchain, Tempo, aims to succeed where Meta's Libra faltered by leveraging better timing and insights from past mistakes. However, the article argues that the fundamental issues of centralization and control may still plague Tempo, risking it becoming just another iteration of existing financial systems rather than a true innovation. The future of Tempo challenges the crypto ideal of decentralization and poses questions about the implications of corporate-led financial networks.

Stripe is developing a new blockchain called Tempo, which focuses on payments and is being built in collaboration with Paradigm. This layer 1 blockchain aims to enhance Stripe's capabilities in the growing stablecoin market, following recent acquisitions that strengthen its crypto infrastructure. The job posting for a marketing position related to Tempo has since been removed after inquiries from Fortune.

Stripe has appointed Matt Huang as the CEO of its new blockchain project, Tempo, aiming to enhance cryptocurrency infrastructure. Huang's experience in venture capital and fintech positions him to lead the project in integrating key crypto components and advancing Stripe's digital payment solutions. This move emphasizes the growing intersection of fintech and blockchain technologies.