PANews reported on August 12 that according to Fortune, financial technology giant Stripe is working with crypto venture capital firm Paradigm to develop a blockchain called Tempo. The project is positioned as a high-performance, payment-focused Layer 1 blockchain and is compatible with Ethereum's programming language.

Tempo is currently in stealth development with a team of five. Stripe previously acquired stablecoin infrastructure company Bridge for $1.1 billion and crypto wallet developer Privy , further expanding its stablecoin technology portfolio.