Stripe partners with Paradigm to develop L1 blockchain Tempo

According to a recent job posting on the website of the Blockchain Association, a cryptocurrency lobby group, financial tech giant Stripe is working with crypto venture capitalist Paradigm to develop a high-performance, payments-focused Layer 1 blockchain called "Tempo." The project team is small, currently in a secret stage, compatible with the Ethereum programming language. Stripe has picked up the ante crypto space in recent years, acquiring stablecoin infrastructure company Bridge ($1.10 billion) and crypto wallet developer Privy to expand the stablecoin ecosystem. Stripe CEO Patrick Collison has said that stablecoins are gaining substantial commercial attention as the technology matures. The Tempo blockchain will give Stripe control over a key layer of stablecoin transaction processing, but the company has not publicly announced whether it plans to issue a companion cryptocurrency.