The crypto payment network Mesh has successfully completed its Series B funding round, raising $82 million, led by venture capital firm Paradigm. Other investors, including Consensys, QuantumLight Capital, and Yolo Investments, also participated, bringing Mesh’s total funding to $120 million, according to the company’s announcement. Notably, a significant portion of this $82 million investment was made in PayPal USD (PYUSD) – PayPal’s USD-pegged stablecoin.
Mesh is developing a Web3 payment system that simplifies transactions between users’ crypto assets and merchants’ payment requests without requiring asset swaps beforehand. This allows users to pay with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), while merchants receive the equivalent value in PYUSD, USDC, or other stablecoins.
Bam Azizi, co-founder and CEO of Mesh, stated:
“With this funding, we are expanding the first global crypto payment network, where users can spend any cryptocurrency while merchants receive payments in the stablecoin of their choice—just like with fiat currency today.”
Currently, Mesh has established partnerships with crypto-friendly fintech companies such as Revolut and the U.S.-based payment platform Shift4.