TL;DR
- Dan Romero and Varun Srinivasan will lead the stablecoin push at startup Tempo after stepping down from Farcaster.
- Backed by Stripe and Paradigm, Tempo currently holds a valuation of $5 billion.
- The Merkle Manufactory team will also integrate into this project, focusing on a global payments network.
It was revealed this Monday that Farcaster’s co-founders have joined Tempo, marking a significant shift in their careers after years leading the decentralized social protocol. Dan Romero and Varun Srinivasan confirmed their move to the startup with the goal of turning stablecoins into a mainstream, “generational” tool.
This partnership comes just days after Neynar acquired Farcaster’s infrastructure, allowing both leaders to step away from daily operational management. Consequently, Merkle Manufactory plans to return approximately $180 million to its investors as the rest of its technical team also joins the ranks at Tempo.
Tempo’s Ambitious Payments Ecosystem and Layer 1
Tempo’s infrastructure is no minor project; it positions itself as a Layer 1 blockchain specifically optimized for stablecoin settlement. With the backing of Stripe and Paradigm, the company seeks to modernize cross-border payment rails through a transparent, low-cost system.
Currently, Tempo works with high-profile design partners such as Mastercard and UBS, while firms like Klarna have expressed intent to issue stablecoins on the network. Therefore, the arrival of Romero and Srinivasan brings invaluable experience in building decentralized networks and achieving large-scale user adoption.
In summary, this shift in focus from social media to digital payments highlights the growing importance of stablecoins in today’s financial market. With a reported valuation of $5 billion and a solid network of institutional partners, Tempo is emerging as the new giant to watch in the digital asset ecosystem.
