The VC arm of PayPal has produced a investment with his stablecoin PYUSD in Mesha fintech which offers crypto products for companies and their customers.
PayPalthrough its venture capital unit PayPal Ventures, announced Monday that it is backing U.S. cryptocurrency and payments startup Mesh.
The deal, worth a total of $6.5 million, differs from PayPal’s other investments in that it was made largely in PYUSD, the dollar-backed stablecoin launched by the online payments giant in summer 2023 on Ethereum. According to FortuneThe investment consists of $5 million in stablecoins and $1.5 million in fiat currency.
Founded in 2020 in San Francisco, Mesh has designed an ecosystem for moving assets and making crypto payments from over 300 popular exchanges and wallets. Its infrastructure enables businesses to activate asset transfers, crypto payments, account aggregation and securities trading for their customers. The fintech was already backed by big names like Samsung and Galaxy. Last year, it closed a $22 million Series A round.
As the world of financial services undergoes rapid transformation, we believe that user ownership and asset portability will become an essential element of product innovation, with crypto serving as a first beachhead where possible. Mesh’s commitment to these principles, combined with its innovative technology, makes it an undisputed leader in this dynamic landscape,” commented Amman Bhasin, Partner at PayPal.
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