Stripe Taps Paradigm’s Matt Huang to Spearhead Ambitious New Blockchain Venture

Payments giant makes power play for crypto dominance—just as regulators start sharpening their knives.

The Crypto Brain Drain Accelerates

Stripe just poached one of Web3's brightest minds. Matt Huang, co-founder of $8B crypto fund Paradigm, will now lead the fintech's blockchain division—signaling a full-throttle push into decentralized finance.

Why This Hurts Paradigm

The move strips Paradigm of its founding architect during a brutal bear market. Huang built the firm into a crypto VC kingmaker, backing projects like Coinbase and FTX (whoops).

Stripe’s Endgame

Insiders whisper about an enterprise-grade blockchain for global payments—because nothing says 'decentralization' like a $95B corporation running the show. The timing? Impeccable, with Congress currently debating whether crypto should be illegal.

One thing's certain: When traditional finance finally swallows crypto whole, they'll use Stripe's API to process the transaction.

Stripe’s Tempo: A New Layer-1 Blockchain

Tempo will be a layer-1 blockchain, meaning it will run independently rather than on ethereum (ETH) or other main chains. The blockchain will also be compatible with Ethereum code, as per sources reported on Fortune. However, details about a token or launch date have not been shared.

Huang has long worked closely with Stripe through his board role. His appointment highlights the company’s strong push into crypto and its aim to compete in the crowded stablecoin and payments sector.

Paradigm, co-founded by Huang and Fred Ehrsam, the Co-Founder of Coinbase, manages $12.7 billion in assets and has backed top crypto projects, including Uniswap, Kalshi, and Fireblocks. Ehrsam stepped down as Managing Partner in 2023 to focus on his brain interface startup Nudge, but remains a General Partner.

Paradigm’s Support to Stripe’s Tempo

Paradigm also raised an $850 million third fund in 2024. The firm has a record of building its own projects, such as the Ethereum toolbox Foundry and the open-source crypto bot Artemis.

Stripe’s MOVE to have Huang lead Tempo comes as crypto payments face growing competition. Major players, including Circle, have announced blockchain projects and the payment processing giant aims to position itself as a key player in digital finance.

Also Read: DeFi Groups, a16z Urge SEC to Create Blockchain SAFE Harbor