Following this announcement, with the payments and stablecoin solutions being widely seen as an important feature for crypto’s mass adoption, the funds are expected to enable Mesh to accelerate the development of a global crypto payments network.
The investment was led by Paradigm, with participation from Consensys, QuantumLight Capital, Yolo Investments, and others. Mesh has previously been raised from investors such as PayPal Ventures, Galaxy Ventures, and MoneyForward.
According to the official press release, most of the investment was settled with the use of PayPal USD (PYUSD) stablecoin. PYUSD was leveraged to close the funding instantly, while Mesh’s technology was utilised in order to transfer the assets securely. Through the process of using stablecoins for VC funding, the company benefited from an instant, cheap, and transparent product, which is also available 24/7.
Following this investment, the funding round will also give the company the possibility to accelerate product development and the overall expansion of its APIs in order to power multiple crypto and payments platforms.
Mesh’s payments solution was powered by SmartFunding technology, which eliminates friction between users’ assets and merchants’ settlement requirements. This process is set to allow an asset like Bitcoin, Ethereum, or Solana to be leveraged as a means of payment, while merchants will automatically receive the transaction amount in stablecoins such as PYUSD, UST, or USDC. At the same time, the solution will enable the process to take place without requiring the user to manually convert assets beforehand, making the payment faster and more secure.
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