Matt Huang Leads Stripe's Blockchain Project Tempo

Matt Huang, co-founder and Managing Partner of Paradigm, is set to lead Stripe's blockchain project, Tempo, as CEO. This decision was reported by Fortune, quoting sources with inside knowledge. Huang has been closely associated with Stripe through his role on its board, but will continue his tenure at Paradigm. Recently, it came to light that the $92 billion fintech leader is developing Tempo, a blockchain focused on high-performance payments. An earlier job listing on the Blockchain Association's site, which was later removed, detailed the need for a product marketing hire. This role aims to shape the company's public image and create launch strategies for upcoming features and upgrades, specifically looking for individuals with experience in crypto and Fortune 500 companies. Tempo is anticipated to be an EVM-compatible Layer 1 blockchain. Huang co-founded Paradigm in 2018 with Coinbase co-founder Fred Ehrsam, who stepped down as managing partner in 2023 to focus on his startup, Nudge. Paradigm has made significant investments in various crypto projects, managing billions in assets. As for Stripe, it has not shared its rationale or timeline for the blockchain's development, nor has it mentioned any plans to launch its own cryptocurrency. Stripe's move into crypto isn't entirely new. Last October, the company made headlines with its $1.1 billion acquisition of stablecoin infrastructure firm Bridge, which led to the rollout of a new stablecoin feature in May. This was followed by a partnership with Coinbase in June 2024 for crypto payment integration, as well as acquiring the crypto wallet company Privy. Other fintech firms are also entering the blockchain realm, such as Circle, which announced a stablecoin-focused Layer 1 named Arc, and Robinhood, which revealed plans for its own Layer 2 powered by Arbitrum in May. Disclaimer: The Block operates independently and provides objective information regarding the crypto industry. As of November 2023, Foresight Ventures is a majority investor in The Block, maintaining its independence.