Paxos Purchases Fordefi to Enhance Institutional Crypto Custody Services

Paxos Acquires Fordefi: Paxos has acquired Fordefi, a crypto wallet startup, for over $100 million, enhancing its regulated ecosystem with advanced wallet technology and addressing the growing demand for secure on-chain financial services among enterprises.

Strategic Institutional DeFi Expansion: The acquisition allows Paxos to offer a comprehensive suite of services, including custody, tokenization, stablecoin issuance, and regulated DeFi access, positioning it as a key player in the institutional blockchain adoption landscape.

Fordefi’s Security Technology: Fordefi's multi-party computation (MPC) wallet architecture, known for its high-security standards, will become a core asset for Paxos, enabling secure access to DeFi protocols for nearly 300 institutional clients.

Future Integration Plans: Fordefi will initially operate independently, but its technology will eventually be integrated into Paxos’ systems, further solidifying Paxos' role as a leading regulated provider in the competitive institutional crypto market.