According to Deep Tide TechFlow news on November 25, as reported by Fortune, the cryptocurrency payment infrastructure company Paxos announced the acquisition of the New York-based cryptocurrency wallet startup Fordefi, with a transaction amount exceeding $100 million. Fordefi specializes in designing cryptocurrency wallet solutions for Decentralized Finance ( DeFi ) and currently has about 40 employees serving around 300 clients.
Paxos CEO Charles Cascarilla stated that this acquisition is to meet the growing demand for DeFi access from clients. Fordefi will temporarily remain independently operated, but Paxos plans to eventually integrate its technology into its own infrastructure.
This is Paxos's second acquisition in the past year, having previously acquired the Finnish stablecoin issuer Membrane Finance to comply with EU cryptocurrency regulatory requirements.
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