Stripe-Backed Blockchain Tempo Raises $500m
Tempo, a blockchain startup founded by Stripe and Paradigm, has reportedly raised $500m in a Series A funding round, valuing the company at $5bn.
The funding round was led by venture capital giants Greenoaks and Thrive Capital, with participation from Sequoia, Ribbit Capital, and SV Angel, according to Fortune, citing people familiar with the matter.
Tempo is created with the idea of complementing the existing crypto infrastructure by offering a way for large enterprises to come on chain, increasing crypto adoption.
As a Layer 1 blockchain, Tempo is not built on top of other protocols, similar to Ethereum, Bitcoin, and Solana.
- Series A funding round: $500m
- Valuation: $5bn
- Lead investors: Greenoaks and Thrive Capital
- Participating investors: Sequoia, Ribbit Capital, and SV Angel
Author's summary: Tempo raises $500m in Series A funding.