A high-profile project launched by fintech giant Stripe and crypto VC firm Paradigm has just made its first venture bet. On Friday, Tempo, a payments-focused blockchain, announced it’s led a $25 million fundraise for the crypto infrastructure company Commonware. As part of the arrangement, the Stripe-backed project will work with Commonware to develop methods to process blockchain payments more quickly, Paradigm general partner and CTO Georgios Konstantopoulos said in a blog post.
Patrick O’Grady, founder of Commonware, declined to name other participants in the fundraise for his startup, which develops open-source code to allow others to launch their own blockchains. O’Grady also declined to disclose the valuation for his firm following the Tempo-led raise, but said it was a “significant increase” over the valuation in Commonware’s seed round, which Pitchbook reports as $63 million.
