[Paxos Labs Spins Off from Stablecoin Issuer Paxos and Raises $12 Million] According to Jinse Finance, Paxos Labs has spun off from stablecoin issuer Paxos and raised $12 million in funding, 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 for this funding round. Paxos CEO Chad Cascarilla is also the CEO of Paxos Labs. Paxos Labs will primarily serve as a provider of services for large enterprises to create and manage their own stablecoins.