Crypto News – The San Jose, California-based payment giant announced in a press statement on January 29 that Mesh, a cybersecurity startup focused on cryptocurrencies and utilizing PYUSD, an Ethereum-based stablecoin, has received backing from PayPal Ventures, its investment department.
Mesh PYUSD Stablecoin Support: PayPal Starts Backing Crypto Security Startup
With this step, PYUSD is utilized as a fundraising tool for the first time. Particular financial information is not revealed. PayPal stated that the company did, however, stress that the investment was done almost completely in PYUSD, with cash moved on-chain via Mesh’s Application Programming Interfaces (APIs).
As the world of financial services undergoes rapid transformation, we believe that user ownership and portability of assets will become a critical building block of product innovation, with crypto serving as the first beachhead where this is possible.
PYUSD Can Convert Cryptocurrencies to US Fiat
Despite the stablecoin attracting the attention of US regulators, this investment marks PayPal‘s first application of PYUSD for venture agreements. One of PYUSD’s primary features is the ability to convert digital currencies into US fiat, which the company expects will increase stablecoin acceptance globally. The most recent funding agreement with Mesh suggests that its Web3 integration tools will be used more widely.