Tempo asserts that it is now necessary to prioritize the creation of "radically new" business payment systems.

The company will now focus on services built around web3, digital assets, and blockchain technology once it acquires the necessary license for providing digital finance services. The company still retains a pan-European license for money transfers and remittances.

Tempo forecasts a 50% increase in DeFi transactions this year and expects "signficiant growth" in projects that connect the traditional and decentralized realms of finance.

Alla Zhedik, CEO of Tempo, said, "We are proud to be the first company that was once specialized in remittances only to embark on such a drastic transformational journey."

"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," the company states. "We aim to follow modern payment market trends."