Paxos announced the acquisition of New York-based crypto wallet startup Fordefi, with a transaction amount exceeding 100 million dollars

According to Fortune, cryptocurrency payment infrastructure company Paxos announced the acquisition of New York-based crypto wallet startup Fordefi, with a transaction amount exceeding $100 million. Fordefi focuses on crypto wallet solutions designed for decentralized finance (DeFi) and currently has about 40 employees, serving approximately 300 clients.

Paxos CEO Charles Cascarilla stated that this acquisition is aimed at meeting the growing demand from customers for DeFi access. Fordefi will temporarily operate independently, but Paxos plans to eventually integrate its technology into its own infrastructure. This is Paxos's second acquisition in the past year, having previously acquired Finnish stablecoin issuer Membrane Finance to comply with EU cryptocurrency regulatory requirements.