PayPal and Galaxy Investment Management have teamed up to invest a whopping $20 million in the innovative Chaos Labs for promoting DeFi security. This is a New York-based cloud platform that utilizes an automated risk management framework to protect crypto protocols from potential external risks and exploits.
Who are the Investors?
A total of 23 organizations and six angel investors participated in this investment! Some of the famous names include Coinbase Ventures, Polygon and OpenSea UniSwap. According to the official website, Chaos Labs’ risk suite can assist DeFi protocols in attaining optimized risk management and capital efficiency, as well as streamlined risk assessments.
PayPal has made a bold move in the crypto space by not only investing a substantial chunk of its total financial liabilities in cryptocurrencies, but also offering them as payment options to customers. As of the end of 2022, PayPal had an impressive portfolio of digital currencies—including Bitcoin, Ether, Litecoin, and Bitcoin Cash—totaling a staggering $604 million.
Some Recent Moves of Paypal
As per reports, PayPal is getting ready to rumble in the cryptocurrency world! The payment powerhouse has been working on adding crypto to its platform, with plans to let customers withdraw their crypto bounty to third-party wallets and potentially even a US trading platform!
Plus, PayPal is showing its commitment to the crypto with this investment in Chaos Labs. Galaxy Digital, the investment management firm, has also been throwing a ton of energy into the crypto industry, launching multiple funds devoted to cryptos and blockchain tech.
It’s clear that top dogs in the DeFi industry have taken notice of the need for risk management solutions – and they’re putting their money where their mouth is! With their participation in the recent funding round, these prominent organizations and investors are showing that taking risks with blockchain and crypto is totally worth it!