Paxos Acquires Fordefi for Over $100M to Expand DeFi Custody Solutions

Paxos, a company known for issuing stablecoins like PayPal USD, is acquiring Fordefi, an institutional crypto wallet startup, for over $100 million. The acquisition addresses rising demand from Paxos’ customers for regulated access to decentralized finance (DeFi) products, according to the company. Fordefi operates multi-party computation (MPC)-based wallets that enable secure crypto custody and DeFi protocol interaction for about 300 clients, based on the announcement. The startup will continue operating ...