Paxos announced the acquisition of Fordefi which provides custody and wallet technology, without disclosing the deal terms. The technology includes multi-party computation (MPC) wallet architecture, which splits private keys into fragments and has become an industry standard. Fordefi’s technology is used by many leading brands in the digital asset space including Figment, Pantera, Republic, Starkware and Wintermute. Paxos is the issuer of the PayPal and Global Dollar stablecoins, and also provides crypto brokerage services with PayPal as a high profile client.
Having provided digital asset custody services for a decade, the stablecoin issuer is a New York regulated trust and has applied for a national trust charter. The management concluded that it needed to provide more options to its clients.
“Fordefi has built an impressive stack and customer base founded on easy-to-use APIs and seamless web3 connectivity. Market participants require a regulated platform partner that meets their range of complex custody needs,” said Charles Cascarilla, CEO and co-Founder of Paxos. “Together, Paxos and Fordefi provide customers with a world-class custody solution built upon advanced wallet technology and regulated, qualified custody.”
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