Paxos Acquires Crypto Wallet Firm Fordefi for Over $100 Million
Paxos, a stablecoin issuer, agreed to acquire the crypto wallet company Fordefi for more than $100 million. The deal expands Paxos's offerings in cryptocurrency infrastructure. Separately, Paxos Labs, a spin-off from Paxos, raised $12 million and serves customers including Hyperbeat and Aleo developers.
fortune.comPaxos Acquisition of Fordefi Paxos agreed to acquire the crypto wallet company Fordefi for more than $100 million.
The CEO of the stablecoin issuer Paxos is also the CEO of Paxos Labs. Fordefi provides wallet services for cryptocurrency management. The deal comes as the stablecoin company’s clients seek more access to DeFi.
The publication reported the transaction details.
Paxos Labs Spin-Off and Funding Paxos Labs spun off from Paxos.
The company raised $12 million in funding. Paxos Labs lets developers use a single software suite to create their own branded stablecoins. An executive had been at Paxos for more than three years. The executive started his career at Jack Dorsey’s fintech Block.
At Paxos, the executive was working on tech to simplify how companies plug into different DeFi markets, like Aave. Paxos Labs is on pace to break even by the end of year, according to the executive. The company has customers including the neobank Hyperbeat.
Paxos Labs also has customers including the developers behind the privacy-focused blockchain Aleo.
Background on Key Figures A general partner at Blockchain Capital is Spencer Bogart.
The article detailing these developments was written by a crypto reporter at Fortune. The publication reported on the spin-off, funding, and customer base.
The publication date of the article is April 14, 2026.
Story Timeline
5 events- 2026-04-14
Fortune.com publishes article on Paxos acquisition and Paxos Labs developments.
1 sourcefortune.com - 2026 (ongoing)
Paxos Labs on pace to break even by end of year.
1 sourceKotecha via unattributed - Recent
Paxos Labs raises $12 million.
1 sourceunattributed - Recent
Paxos Labs spins off from Paxos.
1 sourceunattributed - Recent
Paxos agrees to acquire Fordefi for more than $100 million.
1 sourceunattributed
Potential Impact
- 01
Expansion of Paxos's crypto wallet services through Fordefi integration.
- 02
Simplified access to DeFi markets like Aave for companies using Paxos tech.
- 03
Increased developer adoption of branded stablecoins via Paxos Labs suite.
- 04
Growth in privacy-focused blockchain applications with Aleo integration.
- 05
Paxos Labs achieves profitability by end of 2026.
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