CDS Crypto News Mesh PYUSD Stablecoin Support: PayPal Starts Backing Crypto Security Startup
Crypto News

Mesh PYUSD Stablecoin Support: PayPal Starts Backing Crypto Security Startup

Mesh PYUSD stablecoin support will be started by PayPal.

66
Mesh PYUSD Stablecoin Support: PayPal Starts Backing Crypto Security Startup

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.

Amman Bhasin, partner at PayPal Ventures

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.

Mesh PYUSD Stablecoin Support: PayPal Starts Backing Crypto Security Startup
Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Coinbase down Faces Technical Difficulties as Bitcoin Hits 63K Dollars, Leading to Platform Disruption

The outage caused unbridled speculation over the cause on social media, with...

Bitcoin and Ethereum Lead Rally as Crypto Market Cap Surges by 5.09% in 24 Hours

On Wednesday, Bitcoin surged to $64,000, while Ethereum climbed above $3,400.

Jeff Bezos is rumored to have divested 8.5 billion Dollars from Amazon stock in favor of Bitcoin

Jeff Bezos' recent $8.5 billion sale of Amazon stock has sparked speculation...

Behind the Scenes of the $63K BTC Rally

There are many theories about the reasons behind the $63K BTC rally.