Paxos, a blockchain infrastructure company, has purchased Fordefi, a New York-based startup that builds digital wallets and custody tools for institutions.
According to a press release published on November 25, the deal aims to merge Fordefi’s wallet technology with Paxos’s regulated infrastructure.
This gives businesses a single place to issue stablecoins, tokenize assets, and handle blockchain transactions.
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Although the financial details were not shared publicly, a Paxos representative told Fortune that the purchase was valued at over $100 million.
For now, Fordefi will continue to run as a separate company. Paxos plans to add its technology gradually to its broader platform as the companies align their systems.
Fordefi began operations in 2021 and became known for creating one of the first multi-party computation (MPC) wallets built for institutional use in decentralized finance. Its wallet includes governance tools that allow organizations to approve and sign blockchain transactions in a controlled way.
Paxos offers blockchain-based services such as custody, token creation, and stablecoin management to major companies, including PayPal, Mastercard, and Interactive Brokers.
The firm operates under licenses in the United States, Europe, and Singapore. It is also behind several digital currencies, such as PayPal USD, Pax Dollar (USDP), Pax Gold, and Global Dollar.
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