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Paxos Labs Spins Off from Stablecoin Issuer Paxos and Raises $12 Million

Paxos Labs has spun off from the stablecoin issuer Paxos and raised $12 million, led by Blockchain Capital, with participation from Robot Ventures, family office Maelstrom, and DeFi developer Uniswap Labs. Paxos Labs co-founder Bhaumik Kotecha declined to disclose the valuation of this funding round. Chad Cascarilla, CEO of Paxos, also serves as the CEO of Paxos Labs, which will primarily provide services for large enterprises to create and manage their own stablecoins.

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