Paxos Acquires Fordefi to Enhance Institutional Crypto Custody Infrastructure
PositiveCryptocurrency
- Paxos has acquired Fordefi, a crypto wallet startup, to enhance its institutional crypto custody infrastructure, integrating Fordefi's MPC wallet technology to meet the growing demand for secure on-chain asset management and stablecoin payments. This acquisition is valued at over $100 million and is expected to bolster Paxos' capabilities in the blockchain sector.
- This strategic move allows Paxos to strengthen its position in the cryptocurrency market by providing secure and compliant services tailored for institutional clients. The integration of Fordefi's technology is aimed at improving the efficiency and security of custody services, which is crucial as institutional interest in cryptocurrencies continues to rise.
- The acquisition reflects a broader trend in the cryptocurrency industry where companies are increasingly focusing on enhancing their custody solutions to cater to institutional investors. As regulatory scrutiny intensifies, firms like Paxos are positioning themselves to offer compliant and secure services, which is vital for gaining the trust of institutional clients and expanding their market share.
— via World Pulse Now AI Editorial System