Quick take:
- The Series B round also attracted participation from ConsenSys, QuantumLight, Yolo Investments, Evolution VC, Hike Ventures, Opportuna and AltaIR Capital.
- The fundraising was mostly raised using PayPal’s PYSUD stablecoin.
- Mesh allows users to make payments using their crypto assets while merchants settle using stablecoins.
Mesh, a crypto payment settlement infrastructure provider, has closed an $82 million Series B round led by Paradigm. The Fundraising also attracted participation from ConsenSys, QuantumLight, Yolo Investments, Evolution VC, Hike Ventures, Opportuna and AltaIR Capital.
The token round was completed using mostly PayPal’s PYUSD stablecoin, CoinDesk reported on Tuesday.
According to the announcement, Mesh plans to use the fresh capital to expand its global stablecoin-based settlement network.
Mesh’s platform allows users to pay for products and services on Merchant stores using crypto assets like BTC, ETH and SOL, while merchants settle using stablecoins including PYUSD, Circle’s USDC, and Ripple’s RLUSD.
Mesh claims its technology is now available to more than 400 users in over 100 jurisdictions, globally, having partnered with the likes of MetaMask, Shift4, and Revolut. With this funding, the company seeks to further accelerate its product development and the expansion of its APIs to power hundreds of crypto and payments platforms.
Bam Azizi, CEO and Co-Founder of Mesh believes that stablecoins present the biggest opportunity to disrupt the payments industry since the invention of credit and debit cards, adding that Mesh is well positioned to scale that vision across the world, according to a press release.
“With this funding, we’re expanding the first truly global crypto payments network – one that allows users to pay with any crypto they hold while ensuring merchants can settle in the stablecoin of their choice, just like they do with fiat today.”
Charlie Noyes, General Partner at Paradigm commented: “We think crypto and stablecoins will be an enormous transformation to payments. Mesh makes paying with crypto as simple as using a credit card for users and merchants while preserving the benefits of transacting over blockchain rails.”
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