Tempo France claims it is the the first fintech in the money transfers market to suspend classical remittances in order to focus exclusively on decentralised finance (DeFi).
According to Tempo, the time has come to give priority to the development of "radically new" business payment services.
The firm still holds a pan-Europoean licence for money transfers and remittances but will now pivot to services based around web3, digital assets and blockchain technology once it obtains the relevant licence for offeirng digitial finance services.
Tempo anticipates "signficiant growth" this year in projects that bridge the traditional and decentralised worlds of finance and has forecast a 50% increase in DeFi transactions.
“We are proud to be the first company that once specialised in remittances only to embark on such a drastic transformational journey,” said CEO of Tempo, Alla Zhedik.
“We aim to follow modern payment market trends, while we tune our business model to a future where new technological approaches continue to emerge and classical finance and DeFi instruments are parts of a whole."