As fervor around stablecoins grows from Silicon Valley to Wall Street, one of the most high-profile new crypto projects has drummed up a massive coffer of funds to back its ambitious plans. Tempo, a payments-focused blockchain developed by fintech giant Stripe and blockchain venture firm Paradigm, has raised $500 million in fresh funding in a Series A round led by venture giant Greenoaks and Joshua Kushner’s Thrive Capital, according to five people familiar with the matter.
The round values Tempo at $5 billion, representing one of the highest valued blockchain venture rounds over the past few years. Sequoia, Ribbit Capital, and Ron Conway’s SV Angel also participated, according to two of the people. Paradigm and Stripe did not contribute capital to the round.
