Stablecoin issuer Paxos acquires Fordefi, bolstering its crypto custody and wallet offering
The Block
Paxos has acquired digital asset storage platform Fordefi to enhance its crypto custody and wallet services.Summary
Stablecoin issuer Paxos announced the acquisition of digital asset storage platform Fordefi to strengthen its crypto custody and wallet offerings. While the financial terms were undisclosed, reports suggest the deal exceeded $100 million. Fordefi, which offers an institutional-grade multi-party computation (MPC) wallet solution processing over $120 billion in monthly volume, will continue operating independently as Paxos integrates its wallet-as-a-service technology. This move aims to allow clients to build complex payment flows, tokenize assets, and issue stablecoins on a single platform. This acquisition follows Paxos's earlier purchase of Membrane Finance and aligns with broader M&A activity in the stablecoin sector.
(Source：The Block)