Payments Giant Stripe and Crypto Investment of the Paradigm firm on Thursday officially revealed Tempo, its joint blockchain project designed for stable payments.
The initiative, incubated Inside Stripe, is designed to handle the type of scale that stripe sees in the financial applications of the real world, processing tens of thousands of transactions per second with the purpose of Subsecond, said the CEO of Stripe, Patrick Collison, in an X position.
The project is launched with a list of heavyweight partners that includes Anthrope, Deutsche Bank, Dordash, Cloud, Openai, Revolut, Shopify, Standard Chartered and Visa, which will help shape their design, he added.
“We hope that Tempo makes it easier for things such as acceptance of payments, global payments, remittances, microtransactions, tokenized deposits, agent payments and more, to advance,” he said.
Tempo, filtered for the first time in August in a work publication, joins a growing list of blockchain projects that compete for Stablecoin payments. It is potentially a great market opportunity: it is projected that Stablecoins, now a class of cryptocurrency of $ 270 billion, becomes a billion dollars market and is prepared to interrupt global payment flows as a cheaper and more fast alternative to bank rails, the proponents say.
Collison said the tempo was necessary because the current block chains, even those of high speed as a solana Do not match Stripe’s performance or payment -centered requirements.
Tempo is aimed at 100,000 transactions per second with the sub-second purpose, it allows rates to be paid in Stablecoins instead of native tokens and includes an incorporated automated market manufacturer to guarantee neutrality among the emitters, he said. The chain is a virtual Ethereum machine (EVM)-Compatible and built on Reth, an Ethereum Execution client.
Tempo is an independent entity with paradigm and stripe being early investors, said Collison. The Paradigm CEO, Matt Huang, leads a team of 15 people.
“We are building tempo with principles of decentralization and neutrality,” Huang said in an X post. That includes the launch with a diverse set of validators with plans to make the transition to a model without permission in the future.
Read more: Why circle and stripes (And many others) They are throwing their own blockchains
