PayPal invests US$5 million in PYUSD and US$1.5 million in cash in crypto payment company Mesh

PayPal Ventures, the venture capital arm of PayPal, has invested $5 million in crypto payments company Mesh through its stablecoin PYUSD. Mesh said hundreds of companies are integrating its services, including well-known exchanges and fintech companies, but could not name specifics at this time. Founder and CEO Bam Azizi said the company is not yet profitable but can easily achieve that goal. In addition to the $5 million provided to Mesh in the form of a stablecoin, which is recorded on the Ethereum blockchain, PayPal Ventures is also investing an additional $1.5 million in cash. (Fortune) It was reported in September last year that crypto transfer and payment service startup Mesh (formerly known as Front Finance) completed a $22 million Series A round of financing, led by Money Forward, Galaxy, Samsung Next, Streamlined Ventures, SNR.VC, Hike VC, Heitner Group, Valon Capital, Florida Funders, Altair Capital, Network VC and multiple angel investors participated.