Paxos Labs breaks away from Paxos, closes $12 million round led by Blockchain Capital

Paxos Labs has separated from stablecoin issuer Paxos and raised $12 million in a financing led by Blockchain Capital. The round also drew participation from Robot Ventures, family office Maelstrom, and DeFi developer Uniswap Labs. Cofounder Bhaumik Kotecha did not disclose the company's valuation. Paxos CEO Chad Cascarilla will also lead Paxos Labs as CEO, with the new entity focused on helping large enterprises launch and manage their own stablecoins.