Stripe is getting into the business of stablecoins in a major way. Which is exactly why their Layer 1 blockchain company has just raised half a billion dollars.

What’s happening:

  • Layer 1 blockchain company Tempo has successfully raised $500M USD in a new Series A financing round
  • The new funding round was led by Joshua Kushner’s Thrive Capital and Greenoaks

By the numbers:‍

  • The Series A financing round gives Tempo a valuation of roughly $5B USD post money

Why it matters:‍

  • Payment giant Stripe and crypto venture capital fund Paradigm incubated Tempo in partnership and have both publicly stated they are aiming to integrate Tempo into global stablecoin payments and cross border transactions

Going deeper:‍

  • Tempo is preparing launch their own blockchain imminently which has been under development and testing with partners including OpenAI, Shopify (NASDAQ: SHOP) and Visa (NYSE: V)
  • Multiple other prominent venture capital funds participated in Tempo’s Series A financing round including Sequoia, Ribbit Capital and SV Angel