Stripe, a huge payment company, is quietly making a big move into blockchain. The company's new project, Tempo, is all about building a blockchain infrastructure just for payments. This will give Stripe control over the whole stablecoin payment system. A recent job posting shows that Stripe is changing its approach in a big way. The company is actively working on Tempo, a layer-1 blockchain that is made just for payments.
The job listing shows that the project has big plans, even though it's still in stealth mode with only five people on the team. The job requires people who have worked in marketing for Fortune 500 companies, which shows that Stripe wants to integrate at a high level. Tempo will work with Solidity, the programming language that most Ethereum developers use. This will help the project reach out to Ethereum's developer community and ecosystem.
Strategic acquisitions make Stripe's position in the blockchain stronger.
Stripe's move into blockchain is just the latest step in its growing interest in crypto technology. Stripe bought Bridge, a company that builds infrastructure for stablecoins, for $1.1 billion in October. This was Stripe's biggest purchase to date. In June, the company also bought Privy, a developer of crypto wallets, which made its crypto offerings even better.
These purchases show that Stripe plans to fully incorporate blockchain and stablecoins into its services in the long run. The market for stablecoins is getting bigger, and big companies like Meta, Apple, and Airbnb are looking into how to add them to their payment systems. Stripe seems to be in a good position to take advantage of this trend, especially now that the GENIUS Act has passed, which makes it easier to understand how stablecoins and crypto assets are regulated in the U.S.
Stripe's Goals and the Future of Payments
Patrick Collison, the CEO of Stripe, said in March that more and more businesses were interested in stablecoins as the technology got better. Stripe can now help businesses easily add stablecoins to their payment systems thanks to its purchase of Bridge. Privy lets businesses give customers secure crypto wallets.
With Tempo in the works, Stripe will be in charge of an important part of the payment stack: the blockchain network that makes stablecoin transactions possible. The company hasn't said yet if it plans to make a native cryptocurrency for the project, though. Even though it's not clear yet, it's clear that Stripe is making quick progress in the crypto space, and the industry is keeping a close eye on what happens next.
As Stripe moves deeper into blockchain, it could be setting the stage for big changes in how digital payments work, especially with stablecoins leading the way in cross-border transactions. This could change things in both the fintech and crypto industries.
Matvii Diadkov
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