Stripe has appointed Matt Huang, co-founder and CEO of Crypto Venture Firm Paradigm, as CEO of its upcoming blockchain tempo.
Huang, who is already on the board of the Stripes, retains its position in paradigm. According to Fortune, it is quoting sources familiar with the project.
The move is in line with a growing tendency to develop stableCOin-focused blockchains. These include plasma, which recently attracted over $ 373 million in an oversubscribed token sale and tied focused blockchain-stall.
The StableCOin sector, with a market value of $ 270 billion, has grown exponentially and was further propelled by Trump’s recent signing of the genius law to law. The law established a legislative framework for the sector in the United States
Tempo is described as a “high-performance, paying-focused” layer 1 that runs code compatible with ethereum. It is unclear when blockchain will be launched or whether it wants its own token.
Huang, a former Sequoia partner, has helped Paradigm manage $ 12.7 billion in assets and back projects, including decentralized exchange uniswap and crypto infrastructure provider Fireblocks.
Read more: Stripe Building Payments Blockchain ‘Tempo’ with Paradigm: Fortune
