PayPal Bets on Crypto, Invests $6.5M in Mesh Using PYUSD Stablecoin
• PayPal's venture arm invested $5 million in crypto startup Mesh using its PYUSD stablecoin, along with another $1.5 million in cash
• Mesh allows secure transferring of crypto between exchanges, wallets, and crypto apps without needing wallet addresses
• Mesh compares itself to Plaid in that it connects bank accounts to financial apps, but for crypto apps and transactions
• PayPal launched its PYUSD stablecoin last August with Paxos; its market cap recently grew over 70% to around $300 million
• The stablecoin investment aims to increase PYUSD circulation and advance embedded finance and native stablecoins