Stripe-backed Tempo has announced its first venture focused move with a $25 million investment in cryptocurrency infrastructure firm Commonware. As part of the latest transaction, the stablecoin-powered blockchain, Tempo, being developed by venture firm Paradigm and payments Fintech Stripe, will leverage the Commonware Library. It will also aim to serve as a core contributor to its development. This, according to Paradigm general partner and Chief Technical Officer Georgios Konstantopoulos.
Konstantopoulos said that they were impressed by the Commonware team’s approach to implementing consensus algorithms as a library, and they now continue to look forward to their progress on the frontier of distributed systems.
They also mentioned that this is the beginning of a long-term collaboration between the two teams, focused primarily on greater speed, more simplicity, and enabling open infrastructure.
Commonware reportedly offers open-source library of modular blockchain primitives, referred to as a type of “anti-framework” that offers building blocks for customizable networks that are described as being less opinionated than existing packages such as Cosmos SDK.
Commonware Patrick O’Grady stated that Tempo is directing their ongoing research efforts towards mechanisms that aim to unlock differentiated payment experiences and Commonware is supplying primitives for everything else.
This past month, Tempo, equipped with a $500 million in capital after investments from VCs such as Thrive, Greenoaks, and Sequoia, had announced the acquisition of the team working on Ithaca, an open-source development company that isi backed by Paradigm. This initiative had branched out to implement the L2 blockchain Odyssey. It had also hired Ethereum researcher Dankrad Feist.
Earlier, Commonware secured $9 million via a seed funding round that had been co-led by Haun and Dragonfly Ventures. Its angel investors reportedly include professionals across the web3 and blockchain industry such as Avalanche’s Kevin Sekniqi, Berachain’s Smokey the Bera, among others.
The infrastructure startup is credited with developing Alto, which is described as a minimal (and fast) blockchain.
