Paxos launches new startup to help institutions offer DeFi products
PANews reported on June 19 that according to The Block, the stablecoin issuer Paxos launched a new startup Paxos Labs, which aims to help institutions integrate DeFi and on-chain products directly into their own applications and platforms. Paxos Labs co-founder Bhau Kotecha said that due to the company's growing demand for connecting DeFi markets and real-world asset opportunities, the company has been incubated within Paxos in the past six months. Paxos Labs is building an easy-to-integrate API that allows customers to integrate related products without having to deeply understand the complexity of DeFi. Its initial products include tools for issuing customized branded stablecoins, deploying tokenized income strategies, and managing structured digital assets. Its main target customers are consumer financial technology applications, exchanges, and blockchain networks.
Paxos Labs will also work with multi-asset issuers to support customized stablecoins, while leveraging Paxos's experience in regulation, infrastructure, and financial system building. Unlike companies that focus on custody or direct access to DeFi protocols, Paxos Labs focuses on providing APIs and infrastructure for platforms to provide on-chain products to end users. In the next 12 to 18 months, its goal is to become a one-stop shop for institutional integrated on-chain products.
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