Reported by The Block: Mesh develops a web3 payments system streamlining transactions between a user’s crypto assets and a merchant’s settlement requirements so that the user doesn’t have to swap assets in advance.
The crypto payments network Mesh raised $82 million in Series B funding led by the crypto venture firm Paradigm.
Consensys, QuantumLight Capital, Yolo Investments and others also participated in the round, bringing Mesh's total funding to date to $120 million, according to a company release. Additionally, Mesh noted that it settled most of its $82 million financing using PayPal USD (PYUSD), a USD-pegged stablecoin out of the payments firm PayPal.
Mesh develops a web3 payments system streamlining transactions between a user's crypto assets and a merchant's settlement requirements without the user needing to swap assets in advance. For instance, an individual can pay for something with bitcoin, ethereum or solana while the merchant gets the same value in PYUSD, USDC or another stablecoin, the release said.
"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," said Mesh Co-Founder and CEO Bam Azizi in a statement.
Mesh's current partners include the crypto-friendly fintech firm Revolut as well as the U.S.-based payments firm Shift4.
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