Paxos Labs splits from Paxos and raises $12 million in funding

Paxos Labs has spun off from stablecoin issuer Paxos and completed a $12 million funding round, led by Blockchain Capital, Robot Ventures、 Maelstrom, a family office, and Uniswap Labs, a DeFi developer, participated in the investment. Bhaumik Kotecha, co-founder of Paxos Labs, did not disclose the valuation of this round of financing. Chad Cascarilla, CEO of Paxos Labs, also serves as CEO of Paxos Labs. Paxos Labs will provide services for large enterprises to create and manage their own stablecoins.