Farcaster co-founders Dan Romero and Varun Srinivasan mentioned Monday they’re becoming a member of stablecoin-focused startup Tempo, signaling a pivot away from crypto-native social media and towards blockchain-based funds.
The transfer follows final month’s acquisition of Farcaster by Neynar, a long-time infrastructure supplier for the protocol that gives APIs and instruments for builders constructing on the community.
Farcaster was as soon as pitched as crypto’s reply to Twitter, a protocol-based various the place customers managed their identities and knowledge. After Neynar’s acquisition, Romero, Srinivasan and a number of other members of their crew at Merkle, the corporate behind Farcaster, stepped away from the venture.
In a submit on X, Romero mentioned he’s now centered on constructing a “quick, cheap and clear” international funds community at Tempo.
Launched quietly final yr, Tempo has rapidly drawn consideration as one of the vital well-capitalized new ventures within the stablecoin house. It was incubated by funds large Stripe and crypto enterprise agency Paradigm, each of which have deep expertise in constructing and scaling monetary infrastructure. Tempo’s aim is to energy worldwide funds utilizing stablecoins, providing an alternative choice to conventional cross-border programs that stay pricey, gradual and opaque.
