VC firm Paradigm co-founder Matt Huang to lead Stripe’s blockchain project Tempo: Fortune

Paradigm co-founder and Managing Partner Matt Huang will lead Stripe's blockchain project as CEO, Fortune reported late Tuesday, citing three sources familiar with the matter.

Huang already has a close relationship with Stripe through his role on the company's board, but will remain in his position at Paradigm, according to one source who was not authorized to comment publicly, the outlet said.

On Monday, Fortune reported that the $92 billion fintech giant was developing Tempo, referencing a subsequently deleted job posting on the Blockchain Association's website that described it as a "high-performance, payments-focused blockchain," built as a collaboration between Paradigm and Stripe.

"Today we're five people. We're looking for our first marketing hire: someone who will define and own the way we present ourselves to the world," the ad for a product marketing position read. Stripe is seeking a candidate with both crypto-native and Fortune 500 experience, with responsibilities including creating launch strategies for mainnet, major protocol upgrades, and new features.

The blockchain is an EVM-compatible Layer 1, according to four sources familiar with the matter, all of whom requested anonymity to discuss private business talks, Fortune said.

Huang, a former Sequoia partner, co-founded Paradigm with Coinbase co-founder Fred Ehrsam in 2018. Paradigm went on to become a leader in the crypto venture space with billions of dollars in assets under management, backing projects including Uniswap, Optimism, Phantom, and Zora. Ehrsam stepped down as managing partner in 2023 to dedicate more time to his brain-interface startup Nudge, while continuing to serve as a general partner.

Stripe has not publicly explained why it is developing a blockchain and the timescale for any launch, nor has it indicated any plans to issue its own cryptocurrency.

The Block reached out to Paradigm for comment. Stripe declined to comment.

Corporate blockchain interest heats up

Tempo appears to be Stripe's latest foray into crypto, following its then-record $1.1 billion acquisition of stablecoin infrastructure firm Bridge last October, leading to the unveiling of a new stablecoin feature for the payments platform this May.

Stripe also inked a partnership with Coinbase in June 2024, which saw the company incorporate Coinbase's Base Layer 2 network into its crypto payment products, while Coinbase pledged to add Stripe as a way for its customers to buy crypto within its Coinbase Wallet. Stripe also acquired ​​the crypto wallet firm Privy in June this year.

Stripe isn't the only fintech developing its own blockchain; however, Circle announced plans for a stablecoin-focused Layer 1 on Tuesday called Arc, and Robinhood also unveiled plans for its own Arbitrum-powered Layer 2 in May.

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