Commonware Lands Significant Funding to Scale Blockchain Payment Infrastructure

Crypto infrastructure startup Commonware has secured $25 million in a funding round led by Tempo, a payments-focused blockchain network. This investment underscores a renewed push to scale blockchain-based payment systems. The deal, initially reported by Fortune, gains prominence due to Tempo's launch in September by fintech powerhouse Stripe and crypto venture firm Paradigm. Commonware disclosed the participation of other investors, though specifics were withheld. Commonware develops open-source software that empowers companies to build and deploy their own blockchains, contributing to the burgeoning ecosystem of payment-centric Web3 infrastructure. The CEO of Commonware told Fortune that “usage and distribution is way more important than money as a startup,” suggesting the company values its partnerships with Tempo and Paradigm more than traditional financial metrics at this stage. Tempo is no ordinary backer. The company was recently valued at $5 billion following a $500 million funding round spearheaded by Thrive Capital and Greenoaks. The layer-1 blockchain has garnered attention for its concentration on stablecoins and real-world payments. Stripe CEO Patrick Collison described Tempo as an “independent company, with Stripe and Paradigm as the first investors.”

Crypto Payments Gain Traction Alongside Stablecoin Adoption

Payments have long been a fundamental application of blockchain technology, and the sector is witnessing a resurgence with the increasing adoption of stablecoins. This trend was highlighted by the launch of the Blockchain Payments Consortium by seven crypto firms, aiming to establish common standards for cross-chain stablecoin transactions. “[F]or blockchain payments to reach full potential, we must address the inconsistent and fragmented experiences individuals and institutions face when moving between traditional payments and blockchain,” the consortium stated. In a related development, crypto media and wallet platform Bitcoin.com partnered with layer-1 blockchain Concordium to implement age verification for stablecoin payments. This move is reportedly in response to evolving safety and compliance regulations across various jurisdictions. The stablecoin market has experienced rapid growth in the past year, and the recent passage of the US GENIUS Act, a crucial piece of stablecoin legislation, is expected to further accelerate this expansion. In light of this, Citigroup has increased its market capitalization forecast for stablecoins to $4 trillion by 2030.

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