Paxos acquires wallet provider Fordefi for over $100M
PositiveCryptocurrency
- Paxos has acquired Fordefi, a crypto wallet provider, for over $100 million, a move that enhances its infrastructure in the blockchain sector. This acquisition is aimed at strengthening secure and compliant services for institutional clients, particularly in the areas of custody and on-chain asset management.
- The acquisition of Fordefi is significant for Paxos as it integrates advanced MPC wallet technology, which is expected to meet the growing institutional demand for stablecoin payments and asset tokenization. This positions Paxos to better serve its clients in an evolving regulatory landscape.
- This development reflects a broader trend in the cryptocurrency industry where companies are increasingly focusing on enhancing their custody services and infrastructure to accommodate institutional clients. As competition intensifies, firms like Paxos are strategically acquiring technology and capabilities to solidify their market positions and address the rising demand for secure digital asset management.
— via World Pulse Now AI Editorial System
