Modern embedded finance solution Mesh today announced an investment from PayPal Ventures.
PayPal Ventures’ investment was made almost entirely in PayPal USD (PYUSD), an Ethereum-based stablecoin that is 100% backed by U.S. dollars, short-term U.S. treasuries and similar cash equivalents.
This marks the first time that PYUSD has been used as the funding instrument for a PayPal Ventures investment since it was launched by PayPal in August 2023. The PYUSD funds were transferred on chain using Mesh’s Application Programming Interfaces (APIs).
The investment comes on the heels of Mesh’s $22 million Series A funding round, backed by new investors including Money Forward, Inc., Galaxy, and Samsung Next.
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