Outside Source
Key Takeaways:
- Substantial Investment: In the series B funding round, Mesh was able to raise $82 million which brings the total capital raised to over $120 million.
- Innovative Funding Method: A remarkable part of the investment was made using stablecoin PayPal USD (PYUSD), marking the use of stablecoins in venture funding as a reality.
- Global Expansion Plans: These funds are directed towards speeding up the product development as well as expanding the APIs to Mesh’s global crypto payments network.
In a significant move towards revolutionizing global financial transactions, Mesh, a leading crypto payments network, has announced a substantial investment to improve its services. Usign this funding, Mesh seeks to further ramp up its infrastructure necessary to enable smooth and safe payments using digital assets across the globe.
MESH CONNECT – Crypto payment network
Background and Legislative Context
Mesh was founded in 2020 and positioned itself as a leading payments network that allows users to pay and receive money instantly with cost-effective conversions. The company aims to create an open, connected, and secure financial ecosystem wherein all users can access full control to their assets.
Funding Details
Investment firm Paradigm, known for its focus on blockchain and crypto, spearheaded the recent $82 million dollar Series B funding round alongside other participants Consensys, QuantumLight, and Yolo Investments. One remarkable detail about the investment was that a large portion settled through PayPal’s stablecoin, PYUSD, which sets a historic precedent for stablecoin funding.
MESH Fund B
Strategic Partnerships and Reach
All of Mesh’s technology partners, such as MetaMask, Shift4, and Revolut, enable over 400 million users across 100 countries to access their services. It has been crucial in enabling Mesh to expand its global presence and service offerings.
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Technological Advancements
SmartFunding is the company’s patented technology which undergirds its flagship payment solution. It streamlines the friction between users’ assets, like Bitcoin, Ethereum, or Solana, and merchants’ settlement needs by enabling payments and automatic settlement of the transaction amount in stablecoins, like PYUSD, UST, or USDC, to merchants. Cumbersome manual asset conversion by the user is not needed, thereby enhancing transaction experience.
Prospects for the Future
Mesh intends to use the additional funding to expand its APIs and speed up product development in order to power more cryptocurrency and payment services. Similar to typical cash transactions, the business aims to establish the first fully worldwide crypto payments network that will allow customers to pay with any cryptocurrency they own and guarantee merchants may settle in the stablecoin of their choice.Mesh intends to use the additional funding to expand its APIs and speed up product development in order to power more cryptocurrency and payment services. Similar to typical cash transactions, the business aims to establish the first fully worldwide crypto payments network that will allow customers to pay with any cryptocurrency they own and guarantee merchants may settle in the stablecoin of their choice.
Views from the Industry
Charlie Noyes, General Partner at Paradigm, was upbeat about how stablecoins and cryptocurrency could revolutionize the payments industry. He pointed out that Mesh maintains the advantages of blockchain transactions while streamlining cryptocurrency payments to the level of credit card transactions for both consumers and businesses.
This article first appeared at CryptoNinjas
