Paxos, the veteran stablecoin and blockchain infrastructure firm, is leaning further into DeFi. On Tuesday, the company announced that it had acquired Fordefi, a New York-based startup that helps customers store their digital assets. The acquisition was for more than $100 million, according to a Paxos spokesperson, who declined to specify deal terms.
Paxos helps companies like the payments giant PayPal and the neobank Nubank offer crypto trading to their customers. It’s also a major player in stablecoins, or cryptocurrencies pegged to underlying assets like the U.S. dollar. Paxos issues, for example, PayPal’s stablecoin, which has a market capitalization of more than $3.6 billion.
