PayPal Ventures Invests in Crypto Transfer Platform Mesh Using PYUSD Stablecoin

The $6.5 million investment marks the first use of PayPal's stablecoin in venture capital, as Mesh aims to enhance digital transaction security and efficiency.

• PayPal Ventures has invested $6.5 million in Mesh, a company specializing in enhancing digital transaction security and efficiency, with $5 million of the investment made in PayPal's stablecoin, PYUSD.
• Mesh is developing a product that allows users to transfer cryptocurrency between different financial accounts and wallets, likened to 'Plaid but with the read, write and transfer capabilities.'
• PayPal's PYUSD stablecoin, introduced in August, has been used for the first time in a venture capital investment, marking a shift in PayPal's investment strategy.
• Despite nearly doubling its market capitalization since early December, PYUSD remains the eleventh-largest stablecoin, suffering partly from not being a first mover in a space dominated by assets like USDT and USDC.
• Mesh, founded by cybersecurity veterans, is already integrated by hundreds of companies, including well-known exchanges and fintech firms, and is generating more than $1 million in revenue.

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