Paxos Labs Closes $12 Million Funding Round with Blockchain Capital as Lead Investor

BlockBeats News, April 14th, according to Fortune magazine, Paxos, a stablecoin and blockchain infrastructure company that has long partnered with large enterprises such as PayPal and Nubank. Recently, Paxos has spun off a new business called Paxos Labs, focusing on the decentralized finance (DeFi) field, helping enterprises provide stablecoin and crypto lending protocol access services to their retail customers.

On Tuesday, Paxos Labs announced the completion of a $12 million financing round led by long-term crypto venture capital firm Blockchain Capital, with participation from Robot Ventures, family office Maelstrom, and DeFi development company Uniswap Labs. Paxos Labs co-founder Bhaumik Kotecha did not disclose the valuation of this round of financing. Chad Cascarilla serves as the CEO of both Paxos and Paxos Labs.

Kotecha stated: "This technology makes it easier for customers to complete integrations, as they do not need to deal with all the smart contract issues themselves. At the same time, we can also work with their team to help them design and articulate in terms of compliance and risk."