Paxos Labs Completes $12 Million Financing Round Led by Blockchain Capital

Odaily News Paxos Labs has spun off from stablecoin issuer Paxos and raised $12 million in a funding round led by Blockchain Capital. Participants included Robot Ventures, family office Maelstrom, and DeFi developer Uniswap Labs. Bhaumik Kotecha, co-founder of Paxos Labs, declined to disclose the valuation for this round. Chad Cascarilla, CEO of Paxos, also serves as the CEO of Paxos Labs. Paxos Labs will primarily act as a service provider for large enterprises to create and manage their own stablecoins. (Fortune)