Mesh Secures $82 Million Series B Funding to Revolutionize Global Crypto Payments Network
Mesh, a leading crypto payments network based in San Francisco, has successfully completed a US$82 million Series B funding round, elevating its total funding to over US$120 million. This significant capital injection is set to further enhance its innovative payment solutions using stablecoins.
Funding Details and Key Investors
The recent funding round was spearheaded by Paradigm, with notable contributions from major players such as Consensys, the parent company of MetaMask, QuantumLight Capital, and Yolo Investments. Previous investments have come from renowned firms including PayPal Ventures, Galaxy Ventures, and MoneyForward.
Significance of PYUSD in Funding
In a groundbreaking move for venture capital and stablecoin usage, a majority of the US$82 million was transacted using PayPal USD (PYUSD), allowing for instant and secure fund transfers through Mesh’s advanced technology. Key advantages of utilizing stablecoins for funding include:
- Speed: Transactions are processed in real-time.
- Cost-effectiveness: Reduced transaction fees compared to traditional methods.
- Transparency: Clear tracking of funds.
- Accessibility: 24/7 availability for users and merchants.
Strategic Partnerships and Global Reach
Mesh has forged strategic partnerships with influential firms such as Shift4 and Revolut, thereby expanding its technology to reach over 400 million users across more than 100 countries. The latest funding will enable Mesh to further develop its products and enhance its APIs for crypto and payments platforms.
Vision for the Future of Payments
Bam Azizi, CEO and Co-Founder of Mesh, remarked, “Stablecoins offer a major opportunity to transform the payments industry, similar to the impact of credit and debit cards.” He emphasized that this funding will allow Mesh to grow its global crypto payments network, enabling users to transact with any cryptocurrency while ensuring that merchants can settle in their preferred stablecoin, just like they do with traditional fiat currencies.
Innovative Payment Solutions Powered by SmartFunding
Mesh’s core payment solution is driven by its proprietary SmartFunding technology, which seamlessly bridges the gap between users’ assets and merchants’ settlement requirements. This technology allows payments in cryptocurrencies like Bitcoin, Ethereum, or Solana, while merchants automatically receive funds in stablecoins such as PYUSD, UST, or USDC without the need for manual conversions.
The Future of Crypto Transactions
Charlie Noyes, General Partner at Paradigm, stated, “Crypto and stablecoins are set to transform payments.” He highlighted how Mesh simplifies crypto transactions for both users and merchants while maintaining the advantages inherent to blockchain-based payments.
With the stablecoin market capitalization exceeding US$200 billion and transaction volumes projected to surpass US$27.6 trillion in 2024, Mesh is strategically positioned to be a pivotal player in the evolving global payments landscape.
For more insights into the future of crypto payments, visit CoinDesk for the latest news and analysis.
