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2w ago

Paxos Buys Fordefi in Deal Over $100 Million to Expand Regulated DeFi Access

The purchase pairs Paxos’s regulated custody with Fordefi’s MPC wallets to give institutions compliant DeFi access.

Charles Cascarilla, cofounder and CEO of Paxos.
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Paxos acquires wallet provider Fordefi for over $100M
Paxos acquires fordefi to enhance institutional crypto custody infrastructure

Overview

  • Paxos confirmed the acquisition at a price above $100 million, with detailed terms not disclosed.
  • Fordefi will continue operating independently for now as Paxos phases the startup’s MPC wallet technology into its custody platform.
  • Founded in 2021, Fordefi serves nearly 300 institutional clients with MPC-based wallets and policy controls, with reports citing over $120 billion in monthly transaction volume.
  • Paxos framed the deal as a response to client demand for safe access to decentralized finance, with CEO Charles Cascarilla saying customers are seeking regulated pathways.
  • The move follows Paxos’s February purchase of Membrane Finance for EU MiCA alignment and reflects a broader push by financial firms to acquire wallet infrastructure.