PayPal Invests $5M Through Stablecoins in Crypto Startup
PayPal has recently invested approximately $5 million in Mesh, a startup focused on embedded finance for cryptocurrency payments, utilizing its proprietary stablecoin, PYUSD.
This marks the first instance of PayPal Ventures leveraging PYUSD for an investment since the stablecoin’s introduction last summer. The transaction was conducted on-chain through Mesh’s APIs.
This investment follows Mesh’s successful $22 million Series A funding round, which attracted support from new investors such as Money Forward, Galaxy, and Samsung Next.
Mesh specializes in assisting businesses in seamlessly integrating cryptocurrency transfers and payments directly into their existing platforms. This eliminates the inconvenience of users having to switch between various platforms.
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Originally established in 2020 as an account aggregation platform, Mesh has grown to boast over 300 integrations with a diverse range of exchanges, wallets, and brokerages.
Bam Azizi, the CEO of Mesh, expressed excitement about PayPal Ventures’ support, emphasizing their commitment to realizing their vision of serving as the connection layer for a substantial number of cryptocurrency platforms and financial service providers.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
