According to Fortune, stablecoin and blockchain infrastructure company Paxos Labs announced the completion of a $12 million funding round led by Blockchain Capital, with participation from Robot Ventures, the Maelstrom family office, and Uniswap Labs. Paxos Labs was spun off from Paxos and focuses on providing enterprises with solutions for stablecoin issuance and access to decentralized finance (DeFi), enabling customers to create branded stablecoins and enable features such as interest on crypto deposits and collateralized lending through a single software suite. Paxos Labs has already secured clients including Hyperbeat and Aleo and expects to break even by the end of this year. Previously, Paxos acquired the crypto wallet company Fordefi for over $100 million to meet growing customer demand in the DeFi market.
Paxos Labs Secures $12 Million in Funding Led by Blockchain Capital
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Summary
Paxos Labs, a blockchain infrastructure firm, has secured $12 million in project funding, led by Blockchain Capital, with participation from Robot Ventures, Maelstrom family office, and Uniswap Labs. Spun off from Paxos, the company provides stablecoin issuance and DeFi tools for enterprises, serving clients including Hyperbeat and Aleo. Paxos Labs aims to reach breakeven by year-end. Previously, it acquired Fordefi for over $100 million. This blockchain development underscores rising demand for DeFi solutions.
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