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Fortune

Ben Weiss

Paxos Labs raises $12 million after startup spins off from veteran stablecoin issuer

Paxos Crypto blockchain Blockchain Capital DeFi

(Credit: Eric Lee—Bloomberg/Getty Images)

Paxos, the stablecoin and blockchain infrastructure firm, has long worked with major companies like PayPal and Nubank. More recently, Paxos created a spinoff operation known as Paxos Labs that focuses on the specialized world of DeFi (decentralized finance) and helps companies offer their retail customers access to stablecoins and crypto lending protocols.

On Tuesday, Paxos Labs announced that it raised a $12 million funding round led by longtime crypto venture investor Blockchain Capital, and with participation from Robot Ventures; family office Maelstrom; and DeFi developer Uniswap Labs. Bhaumik Kotecha, cofounder of Paxos Labs, declined to say at what valuation Paxos Labs raised the capital. Charles Cascarilla, CEO of Paxos, is also CEO of Paxos Labs.

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