Paxos Acquires Crypto Wallet Startup Fordefi for Over $100 Million

BlockBeats News, November 25th, according to Fortune report, stablecoin issuer Paxos announced the acquisition of New York-based crypto wallet startup Fordefi, in a deal exceeding $1 billion. Fordefi specializes in designing encrypted wallet solutions for Decentralized Finance (DeFi) and currently has about 40 employees, serving approximately 300 clients.

This acquisition is to meet the growing DeFi access demands of customers. Fordefi will remain operationally independent for the time being, but Paxos plans to eventually integrate its technology into its own infrastructure.

This is Paxos's second acquisition in the past year, having previously acquired Finnish stablecoin issuer Membrane Finance to comply with EU cryptocurrency regulatory requirements.