Tempo, a new blockchain venture from fintech giant Stripe and crypto investment firm Paradigm, has reportedly raised $500 million in its Series A funding round. The massive investment, coming just a month after the project’s launch, places its valuation at a staggering $5 billion.

A New Foundation for Crypto Infrastructure

The funding round was reportedly led by venture capital firms Greenoaks and Thrive Capital, with participation from Sequoia, Ribbit Capital, and SV Angel. This raise makes it one of the most significant venture rounds for a blockchain startup in recent history.

Tempo is being developed as a Layer 1 blockchain, meaning it operates as a foundational protocol, much like Ethereum, Bitcoin, and Solana. The project’s primary goal is to complement existing crypto infrastructure by creating an accessible way for large enterprises to move their operations on-chain, thereby driving broader crypto adoption.

To ensure its design is aligned with real-world needs, Tempo has assembled an impressive roster of design partners. The list includes major players from technology and finance, such as Anthropic, OpenAI, Revolut, Visa, and Standard Chartered, who will provide input on AI, e-commerce, and financial services.

The Powerhouses Behind the Project

The venture represents a significant bet that cryptocurrencies backed by traditional assets could become a new infrastructure layer for global payments. The project is led by Paradigm co-founder Matt Huang, who now heads a dedicated full-time team separate from both Stripe and Paradigm.

Paradigm, a leading crypto investment firm founded in 2018, holds roughly $12.7 billion in assets under management. Its partner, Stripe, is one of the world’s largest fintech companies, valued at over $90 billion and having processed $1.4 trillion in total payment volume in 2024.

Stripe has shown increasing interest in the digital asset space, recently reintroducing crypto payments after a multi-year pause. The company has also been active in acquisitions, purchasing the crypto wallet provider Privy in June and the stablecoin platform Bridge in a $1.1 billion deal last year.