PayPal is making more moves in crypto.
What’s happening:
- PayPal (NASDAQ: PYPL) has recently announced a new investment in crypto payments startup Mesh through their venture capital arm PayPal Ventures
- PayPal Ventures used their own stablecoin to fund $5M USD of their $6.5M USD investment into Mesh
The big idea:
- Mesh is focused on enhancing the security of digital transactions and simplifying cross border payments within businesses
- Mesh has built technology infrastructure that allows users to unlock payments from major exchanges and leading wallet providers seamlessly inside of one single platform
Why it matters:
- PayPal became the first ever publicly traded company on a major US stock exchange to launch their own stablecoin, which was widely seen as a groundbreaking moment for digital assets
- PYUSD, which is built on the Ethereum blockchain, has been seeing significant growth and user adoption of late despite only being available to users in the United States currently
Going deeper:
- This is the not first venture investment into a crypto startup PayPal has made, as they previously have backed companies such as Magic Labs and Layer Zero
- Other notable investors in Mesh include Money Forward, Galaxy and Samsung Next
