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PayPal Is Making Crypto Venture Bets With Their Own Stablecoin

January 27, 2024
x min read

PayPal is making more moves in crypto.

What’s happening:

  • PayPal (NASDAQ: PYPL) has recently announced a new investment in crypto payments startup Mesh through their venture capital arm PayPal Ventures
  • PayPal Ventures used their own stablecoin to fund $5M USD of their $6.5M USD investment into Mesh

The big idea:

  • Mesh is focused on enhancing the security of digital transactions and simplifying cross border payments within businesses
  • Mesh has built technology infrastructure that allows users to unlock payments from major exchanges and leading wallet providers seamlessly inside of one single platform

Why it matters:

  • PayPal became the first ever publicly traded company on a major US stock exchange to launch their own stablecoin, which was widely seen as a groundbreaking moment for digital assets
  • PYUSD, which is built on the Ethereum blockchain, has been seeing significant growth and user adoption of late despite only being available to users in the United States currently

Going deeper:

  • This is the not first venture investment into a crypto startup PayPal has made, as they previously have backed companies such as Magic Labs and Layer Zero
  • Other notable investors in Mesh include Money Forward, Galaxy and Samsung Next

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