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.
Its acquisition of Fordefi, which specializes in crypto wallets designed for DeFi, signals that Paxos’ customers are clamoring to expand into a realm of crypto that large companies once deemed untouchable.
“We have customers that want to be able to access DeFi and have the right capacity to do that,” Charles Cascarilla, cofounder and CEO of Paxos, told Fortune.
“We certainly hear it all the time,” said Cascarilla, in reference to Paxos customers who want more access to the DeFi ecosystem. He declined to say which ones.
Founded in 2021, Fordefi has about 40 employees and serves around 300 clients, said Cascarilla. The wallet startup was valued at $83 million as of its last fundraising round, according to data from Pitchbook. Fordefi will continue to operate independently for now, but Paxos plans integrate the startup’s technology into its own infrastructure.
