Overview
- Paxos Labs raised $12 million Tuesday in a round led by Blockchain Capital, with Robot Ventures, Maelstrom, and Uniswap Labs participating.
- The spin-off builds white-label software for large companies to issue their own dollar-pegged tokens and to route those balances into on-chain lending markets such as Aave for interest or collateral.
- Paxos CEO Chad Cascarilla leads the unit, which separated to pursue DeFi integrations under fewer constraints than the parent’s near-term plan.
- The company reports early customers including the neobank Hyperbeat and developers of the Aleo blockchain and says it expects to break even by year-end, while the valuation remains undisclosed.
- The push follows Paxos agreeing to buy crypto wallet firm Fordefi for more than $100 million as more clients seek secure, direct access to decentralized finance.