Paxos Labs closes $12 million funding round led by Blockchain Capital

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