tl;dr
Stripe's blockchain project Tempo secures $500M in funding and hires Ethereum's Dankrad Feist, sparking debates about corporate influence vs. open-source principles in crypto.
**Stripe's Blockchain Ambitions Take a Bold Turn: Tempo Raises $500M and Poaches Ethereum's Top Developer**
In a striking move that underscores its commitment to cryptocurrency, payment giant Stripe has taken a significant step forward with its blockchain project, Tempo. The company reportedly secured $500 million in a Series A funding round, valuing the project at $5 billion. The round was co-led by venture firms Greenoaks and Thrive Capital, founded by Joshua Kushner. However, the most eyebrow-raising development came not from the funding itself, but from Tempo’s recruitment of a high-profile Ethereum figure.
**A Major Win for Tempo**
Tempo, a layer-1 blockchain designed to facilitate seamless crypto payments, represents Stripe’s aggressive push into the decentralized finance (DeFi) space. The funding round marks a pivotal milestone for the project, signaling confidence from investors in its potential to disrupt traditional payment systems. Yet, the real catalyst for chatter on Crypto Twitter was the announcement that Dankrad Feist, a core developer at the Ethereum Foundation, has joined Tempo to help build its blockchain.
Feist, a leading researcher at the Ethereum Foundation, confirmed his departure on Friday but emphasized he will retain a research advisory role for select initiatives at the nonprofit. In a statement, he argued that his move to Tempo would allow him to “touch normal people’s lives everywhere in the world,” positioning the project as a bridge between crypto and mainstream adoption.
**Feist’s Move Sparks Controversy**
While Ethereum co-founder Vitalik Buterin publicly endorsed Feist’s decision, praising his “real-world” vision, the broader crypto community reacted with skepticism. Critics framed the hire as a troubling shift toward corporate interests over open-source principles.
Andy, co-host of the crypto podcast *The Rollup*, called the move a “terrible look for open-source vs. corporate blockchains,” adding, “Huge L for the entire community.” Similarly, crypto influencer Gwart likened Feist’s transition to a hypothetical scenario where environmental activist Greta Thunberg joined an oil company, highlighting concerns about conflicting priorities.
The controversy echoes a similar backlash from last year, when Ethereum developers Dankrad Feist and Justin Drake faced criticism for taking advisory roles at the restaking protocol Eigenlayer while still employed by the Ethereum Foundation. The backlash led them to step down, and some now see Feist’s Tempo move as a more extreme example of the tension between open-source ideals and corporate influence.
**A Test for Ethereum’s Decentralized Vision**
Laurence Day, co-founder of the decentralized lending protocol Wildcat, noted that the Eigenlayer controversy pales in comparison to Feist’s current role. “That Eigenlayer advisorship looks pretty tame by comparison now, doesn’t it?” he quipped.
Meanwhile, crypto influencer Ryan Sean Adams, a long-time Ethereum supporter, joked that while he remains loyal to the network, he wouldn’t rule out leaving if Ethereum’s co-founder, Vitalik Buterin, joined Tempo. “If Vitalik joins Tempo, I’m out,” he said, underscoring the deep-seated fears within the community about the erosion of decentralization.
**What’s Next for Tempo and Ethereum?**
As Tempo ramps up its efforts to build a blockchain tailored for mass crypto adoption, the controversy surrounding Feist’s move highlights the growing friction between open-source ethos and corporate ambitions. For Stripe, the investment and talent acquisition signal a bold bet on crypto’s future. But for Ethereum, the loss of a key developer—and the accompanying scrutiny—raises questions about the sustainability of its decentralized vision in an increasingly competitive and corporate-driven landscape.
As the crypto world watches closely, the coming months may determine whether Tempo can deliver on its promise—or if Feist’s departure will be seen as a turning point for Ethereum’s struggle to balance innovation with community trust.