TechFlow News, April 14: According to Fortune, Paxos Labs—a stablecoin and blockchain infrastructure company—has announced a $12 million funding round, led by Blockchain Capital, with participation from Robot Ventures, Maelstrom Family Office, and Uniswap Labs. Paxos Labs was spun off from Paxos and focuses on providing enterprises with stablecoin issuance and decentralized finance (DeFi) access solutions, enabling clients to create branded stablecoins via a single software suite and offering features such as interest-bearing crypto asset deposits and collateralized lending. Paxos Labs has secured clients including Hyperbeat and Aleo and expects to reach breakeven by the end of this year. Previously, Paxos acquired cryptocurrency wallet company Fordefi for over $100 million to meet growing client demand in the DeFi market.
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