PayPal Ventures has invested $6.5 million in crypto payments solution provider Mesh, with $5 million in PYUSD stablecoins and an additional $1.5 million in cash. Mesh aims to provide a solution that allows users to move funds between crypto exchanges, wallets, and financial apps within its platform.
The investment from PayPal Ventures follows Mesh’s $22 million Series A round announced in September 2023, bringing the company’s total funding to $38.5 million. Mesh utilizes an in-app menu to facilitate the movement of funds across various platforms, eliminating the need for users to manually input long cryptographic addresses.
Bam Azizi, co-founder and CEO of Mesh, expressed excitement about PayPal Ventures’ involvement, noting that hundreds of companies are already integrating its services. The funding will be used to accelerate the development of Mesh’s platform as it continues to expand its user base.
PayPal’s investment in Mesh reflects its efforts to increase its market share in the $135 billion crypto segment, currently dominated by Tether (USDT). The PYUSD stablecoin, launched by Mesh in August 2023, saw its market cap grow by over 70% between mid-December 2023 and mid-January 2024.
