Blockchain infrastructure platform Paxos has acquired Fordefi, a provider of multi-party computation (MPC) digital wallet and custody technology based in New York, US. Though the financial terms of the deal have not been disclosed by either company, Calcalist reports that the price tag exceeds $100 million.
Fordefi specialises in institutional MPC wallet technology, which provides enhanced security by splitting private keys into multiple parts stored in different locations.
Its platform is used by nearly 300 institutions globally, and includes features such as a policy engine and integrations with decentralised finance (DeFi) protocols.
Paxos previously supported Fordefi’s $10 million investment round in February 2024, led by Electric Capital with support from Alchemy. The round brought Fordefi’s total funding since 2021 to $28 million.
On the acquisition, Paxos says Fordefi “will continue operating its product independently and customers can continue using the product as usual”, adding that “over time, Paxos will integrate Fordefi’s technology and operations into its infrastructure”.
Josh Schwartz, co-founder and CEO of Fordefi, says this integration will “offer enterprises the unified custody and stablecoin infrastructure they need to deploy real-world digital asset use cases at scale”.
Source: https://www.fintechfutures.com/
