The founders of decentralized social network Farcaster, Dan Romero and Varun Srinivasan, are shifting their focus to the world of blockchain-based payments, joining stablecoin startup Tempo. The move comes swiftly after infrastructure provider Neynar acquired Farcaster last month, prompting Romero, Srinivasan, and key members of their team at Merkle to step away from the social media protocol.
Tempo, incubated by payments giant Stripe and venture capital firm Paradigm, is building a network designed to facilitate fast, inexpensive, and transparent international payments using stablecoins. The company aims to provide an alternative to traditional cross-border systems, which are often criticized for their high costs and slow processing times.
Romero, in a post on X, articulated his new focus: building a “fast, inexpensive and transparent” global payments network. Srinivasan echoed this sentiment, highlighting Tempo’s ambition to address what he described as the “most important problem in finance.”
The acquisition of Farcaster by Neynar marked a turning point for the social protocol, which had been positioned as a crypto-native alternative to platforms like Twitter, emphasizing user control over identity, and data. Neynar’s acquisition encompassed Farcaster’s codebase, applications, smart contracts, and its AI project, Clanker. The departure of Romero and Srinivasan signals a significant change in direction for the project.
Tempo’s emergence as a significant player in the stablecoin space is underscored by its substantial funding. The company secured $500 million in Series A funding in October 2025, achieving a valuation of $5 billion. Greenoaks and Thrive Capital led the funding round, demonstrating strong investor confidence in Tempo’s vision.
The rapid growth of Tempo’s team further illustrates its ambition. The company expanded from a team of 15 employees in September 2025 to between 40 and 50 by November of the same year, indicating a concerted effort to build out its infrastructure and capabilities.
Tempo launched its private testnet in September 2025, initially targeting enterprise applications such as cross-border remittances, payroll processing, and microtransactions. The company is actively collaborating with major players like OpenAI, Visa, and Shopify as design partners, aiming to establish a robust infrastructure capable of competing with established stablecoin issuers.
The move by Romero and Srinivasan represents a notable shift for two prominent figures in the crypto space. Both previously held executive positions at Coinbase, with Romero leading consumer business and international expansion, and Srinivasan directing engineering and product teams. Their combined experience and expertise will be valuable assets to Tempo as it seeks to disrupt the global payments landscape.
Stripe’s involvement in Tempo extends beyond incubation. The payments processor has demonstrated a clear strategic interest in stablecoins, highlighted by its $1.1 billion acquisition of Bridge and the purchase of wallet provider Privy. This underscores a broader trend within the traditional financial industry towards exploring and adopting blockchain-based solutions.
Paradigm, led by Matt Huang, has established itself as a leading investor in blockchain infrastructure projects geared towards institutional adoption. Their backing of Tempo aligns with their investment strategy of supporting companies that are building the foundational layers of the next generation of financial infrastructure.
The timing of this move is significant, as the stablecoin market continues to evolve and attract increasing attention from regulators and investors. Tempo’s focus on building a fast, inexpensive, and transparent payment network positions it to capitalize on the growing demand for efficient and accessible cross-border payment solutions. The company’s backing from Stripe and Paradigm, coupled with the expertise of its new leadership, suggests It’s well-positioned to compete in this rapidly expanding market.
Romero has indicated plans to return the $180 million in funding previously raised by Farcaster to investors, signaling a clean break from the social media project and a full commitment to the challenges and opportunities presented by Tempo.
