Paradigm led a $82 million Series B financing for the encryptionPayment Network Mesh

The Block reported: Mesh has developed a Web3 payment system that simplifies the transaction between users' encrypted assets and merchant Settlement requirements, allowing users to avoid exchanging assets in advance.

The encryption payment network Mesh recently raised $82 million in Series B financing, led by the encryption venture capital firm Paradigm.

Consensys, QuantumLight Capital, Yolo Investments, and others also participated in this round of financing, bringing Mesh's total financing to date to $120 million. According to the company's announcement, Mesh also pointed out that most of the $82 million financing was settled using PayPal USD (PYUSD), which is a stablecoin pegged to the US dollar.

Mesh's Web3 payment system can simplify users' encryption assets and merchants' Settlement requirements, allowing users to make payments without the need to exchange assets in advance. For example, individuals can pay with Bitcoin, Ethereum, or Solana, while merchants can receive equivalent PYUSD, USDC, or other stablecoins.

Mesh's co-founder and CEO, Bam Azizi, said in a statement: "Through this round of financing, we are expanding the first truly global encryption payment network - a network that allows users to use any encryption currency they hold for payment, while ensuring that merchants can choose stable coins for Settlement just like they use fiat currencies today."

Currently, Mesh's partners include encryption-friendly financial technology company Revolut and US-based payment company Shift4.