PayPal Ventures Invests $5 Million PYUSD in Crypto Startup Mesh | Blockster

PayPal Ventures has revealed its investment of $5 million in Mesh, a startup transforming secure crypto transactions. This move reflects PayPal's belief in Mesh's potential and showcases its forward-thinking investment approach with digital assets.

—

Mesh, founded by cybersecurity experts with a history of successful ventures, serves as a crypto counterpart to Plaid, facilitating seamless fund transfers across various crypto platforms.

Unlike traditional crypto transfers that involve complex processes, Mesh offers a user-friendly solution through its in-app menu, eliminating the need for users to handle lengthy transaction codes—a significant security enhancement.
"We're thrilled to have the backing of PayPal Ventures as we execute against our vision of becoming the connection layer for a critical mass of crypto platforms and financial service providers."

Bam Azizi, Co-Founder and CEO of Mesh
"PayPal has an incredible track record of moving the payments industry forward, so it's no surprise they are at the forefront of stablecoin innovation and share our vision for the future of the industry," said Bam Azizi, Co-Founder and CEO of Mesh.

With hundreds of companies integrating Mesh's services, including renowned exchanges and fintech firms, the startup has positioned itself as a pivotal player in the crypto ecosystem. Despite its current lack of profitability, Mesh boasts over $1 million in revenue and holds immense potential for growth, as affirmed by PayPal Ventures' substantial investment.

This investment, comprising $5 million in stablecoins and an additional $1.5 million in cash, underscores PayPal's commitment to expanding the utility of its stablecoin. PYUSD, launched in collaboration with Paxos, aims to provide stability to crypto transactions, enhancing their viability for day-to-day use and as a reliable store of value.

PYUSD's Role in Fueling PayPal's Strategic Investments

The decision to leverage PYUSD for the Mesh investment aligns with PayPal's broader strategy of offering diverse payment options globally.
As PYUSD continues to gain traction in the stablecoin market—experiencing a 70% growth between mid-December and mid-January—PayPal Ventures' investment in Mesh is poised to further amplify the circulation and acceptance of the stablecoin.
"As the world of financial services undergoes rapid transformation, we believe that user ownership and portability of assets will become a critical building block of product innovation, with crypto serving as the first beachhead where this is possible," said Amman Bhasin, Partner at PayPal Ventures.

"Mesh's commitment to these principles, coupled with its innovative technology, makes them a clear leader in this dynamic landscape. We are confident that this investment will fuel Mesh's growth and contribute significantly to the advancement of embedded finance and native stablecoins," added Amman Bhasin.

—

About Mesh

Founded in 2020, Mesh's mission is to build an open, connected, and secure financial ecosystem. Mesh is a modern financial connection layer that provides enterprise clients with the ability to enable digital asset transfers, crypto payments, account aggregation, and trading, all within their platform. With integrations to over 300+ platforms, Mesh is creating an embedded financial ecosystem that is more open, connected, and secure for businesses and users alike.

To learn more, visit https://www.meshconnect.com/.

About PayPal Ventures

PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in companies at the forefront of innovation in fintech, commerce enablement, digital infrastructure, and crypto/blockchain technologies. Through the expertise, experience, and vast network of PayPal Ventures – and the companies we invest in – we are helping to bring transformative solutions to market faster.

For more information, please visit: www.paypal.vc