PayPal has used its own stablecoin to make an additional investment in blockchain risk management specialist Chaos Labs.
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Founded in 2021, New York-based Chaos Labs offers a range of on-chain risk management tools for decentralized finance (DeFi).
The startup’s recently launched decentralized oracle protocol Edge has already raised $30 billion in the last two months and has been adopted by exchanges such as Jupiter, the leading perpetual exchange on Solana.
PayPal launched its PYUSD stablecoin on Solana last year and says its investment – made in on-chain PYUSD – aligns with its ongoing commitment to the blockchain ecosystem.
Having already invested money in Chaos, PayPal Ventures is doubling its funding 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 bring more financial services on-chain.”
PayPal also previously used PYUSD to invest around $5 million in Mesh, an embedded finance crypto payments startup.
