The first month of 2024 continues to be a busy month for Silicon Valley’s leading PayPal, which ends January with an investment in the Mesh project.
With this move, PayPal continues its engagement with blockchain technology by introducing investments through PayPal’s own stablecoin USD (PYUSD), pegged to the US dollar.
This marks the first time PayPal’s investment arm, PayPal Ventures, has invested in a business using PYSUD exclusively since the launch of the Ethereum-based, USD-pegged stablecoin last August.
The investment comes shortly after PayPal unveiled six new products, demonstrating the company’s continued engagement with new and emerging technologies. In the case of new features, this is related to artificial intelligence, and in the case of the Mesh project, it is related to blockchain and cryptocurrencies.
PayPal said its investment in Mesh, a digital asset transfer and account aggregation platform aimed at leading the way in embedded finance, demonstrates its “commitment to driving innovation in digital payments.”
Mesh has been receiving significant investor attention lately, having recently completed a $22 million Series A round backed by Galaxy, Samsung Next, and Money Forward.
In turn, Mesh used its own application programming interfaces (APIs) to transfer funds to PYUSD. Founded in 2020, the company’s core offering is to provide secure crypto transfers and payments to businesses’ existing platforms.
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