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Quick take:
Fordefi is renowned for its multi-party computation (MPC) wallet architecture, policy engine, and deep decentralized finance integrations.
Fordefi will continue operating its product independently, and customers can continue using the product as usual.
Paxos plans to integrate Fordefi’s technology and operations into its infrastructure over time.
Paxos, the stablecoin infrastructure platform renowned for issuing multiple stablecoins, including PayPal’s Pay USD (PYUSD), Pax Dollar (USDP), and Global Dollar (USDG), and the gold-backed digital asset Pax Gold (PAXG), has announced the acquisition of custodial and Multi-party computation wallet infrastructure company Fordefi.
The deal was reportedly worth more than $100 million, according to a report by Fortune. The details of the deal were not disclosed in the official announcement.
According to a press statement on its website, Paxos said the deal allows clients to issue stablecoins, tokenize assets, and build complex payment flows while maintaining the highest standards for security and compliance.
Renowned for its institutional-grade multi-party computation (MPC) wallet platform, Fordefi will continue operating its product independently, and customers can continue using the product as usual.
Paxos plans to integrate Fordefi’s technology and operations into its infrastructure over time.
Commenting on the announcement, Charles Cascarilla, CEO and co-founder of Paxos, said in a statement: “We’ve built Paxos as a neutral, enterprise-grade platform that ushers the world’s leading enterprises into the digital asset economy. Fordefi has built an impressive stack and customer base founded on easy-to-use APIs and seamless web3 connectivity. Market participants require a regulated platform partner that meets their range of complex custody needs.”
Josh Schwartz, CEO of Fordefi, commented: “Joining Paxos allows us to bring our technology to an even broader audience while maintaining our focus on security, usability, and innovation. Together, we will offer enterprises the unified custody and stablecoin infrastructure they need to deploy real-world digital asset use cases at scale.”
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