Paxos, a stablecoin issuer, acquires wallet startup Fordefi for over $100 million

Techub News, according to Fortune, stablecoin and blockchain infrastructure company Paxos has acquired New York-based startup Fordefi, which is dedicated to helping clients store digital assets. A Paxos spokesperson stated the acquisition amount exceeds $100 million but declined to disclose the transaction terms. This acquisition aims to meet clients' growing demand for DeFi access. Fordefi will temporarily maintain independent operations, but Paxos plans to eventually integrate its technology into its own infrastructure. This marks Paxos's second acquisition within the past year, following its previous acquisition of Finnish stablecoin issuer Membrane Finance to comply with EU cryptocurrency regulatory requirements.