- Paxos Labs launched a new platform to help enterprises integrate DeFi with simple APIs.
- Organisations can now issue branded stablecoins like PayPal USD and Paxos’ USDG and tap into tokenised financial services using Paxos Labs' developer-friendly APIs, simplifying enterprise entry into DeFi.
Top blockchain infrastructure platform Paxos has launched Paxos Labs, a new firm formed to enable enterprises to seamlessly integrate on-chain and decentralised finance (DeFi) solutions into their platforms.
In the words of Bhaumik Kotecha, Paxos Labs' co-founder and CEO, the effort, which was gestated at Paxos for the last six months, is a reflection of increasing demand among businesses wishing to gain entry into DeFi marketplaces and real-world asset opportunities.
"Paxos Labs is building easy-to-integrate APIs that enable customers to integrate DeFi products without internalizing the complexity of DeFi," Kotecha said.
With the assistance of Paxos Labs' family of easy-to-integrate APIs, fintech apps, exchanges, and blockchain networks can issue custom-branded stablecoins and tokenised yield schemes and handle digital assets without going through the pains of DeFi.
With Paxos Labs' collection of easy-to-integrate APIs, organisations such as blockchain networks, exchanges, and fintech applications can handle digital assets, apply tokenised yield models, and issue branded stablecoins without going through the rigours of DeFi.
Collaborators can, for instance, craft branded stablecoins secured by high-end tokenised assets such as PayPal USD (PYUSD) or Global Dollar issued by Paxos (USDG).
With plans to expand its engineering and marketing departments, the company already employs more than a dozen financial services and cryptocurrency experts.
In this period of 12 to 18 months, Paxos Labs will emerge as a one-stop solution for institutions to integrate DeFi solutions, catalysing wider adoption of tokenised financial services.
The rollout reinforces Paxos' position as a bridge between legacy finance and blockchain technology, placing Paxos Labs in pole position to service evolving institutional needs in the burgeoning DeFi space.
The firm is set to grow in the future, with an emphasis on engineering and marketing hiring.
Edited by Annette George
