According to Huoxing Finance, Paxos Labs has spun off from stablecoin issuer Paxos and raised $12 million in funding, led by Blockchain Capital, with participation from Robot Ventures, family office Maelstrom, and DeFi developer Uniswap Labs. Paxos Labs co-founder Bhaumik Kotecha declined to disclose the valuation of this funding round. Chad Cascarilla, CEO of Paxos, also serves as CEO of Paxos Labs, which will primarily provide services to large enterprises for creating and managing their own stablecoins.
Paxos Labs Completes $12 Million Funding Round Led by Blockchain Capital
MarsBitShare
Summary
Paxos Labs closed a $12 million project funding round led by Blockchain Capital, with support from Robot Ventures, Maelstrom, and Uniswap Labs. The spin-off from Paxos aims to help enterprises create and manage stablecoins. The blockchain news update highlights growing interest in enterprise-grade stablecoin solutions. The funding will accelerate product development and market expansion.
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