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PayPal has used its own stablecoin to make an additional investment in blockchain risk management specialist Chaos Labs.
Editorial
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Founded in 2021, New York-based Chaos Labs offers a suite of on-chain risk management tools for decentralised finance (DeFi).
The startup’s recently launched Edge decentralised oracle protocol, has already secured a $30 billion over the last two months and has been adopted by exchanges such as Jupiter, the top perpetuals exchange on Solana.
PayPal launched its PYUSD stablecoin on Solana last year and says that its investment – made in PYUSD on-chain – aligns with its ongoing commitment to the blockchain ecosystem.
Having already in put money into Chaos, PayPal Ventures is doubling down in the startup’s $55 million Series A round.
Amman Bhasin, partner at PayPal Ventures, says: “Our continued investment in Chaos Labs reflects our belief in their vision to create a safer crypto ecosystem and move more financial services on chain.”
PayPal has also previously used PYUSD to invest around $5 million in Mesh, an embedded finance startup for crypto payments.
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