Cryptocurrency payments network Mesh gained unicorn status with a $75 million Series C funding round that valued it at $1 billion.
The round was led by Dragonfly Capital and included participation from Paradigm, Moderne Ventures, Coinbase Ventures, SBI Investment and Liberty City Ventures, Mesh said on Tuesday.
The fundraising, along with the ceremonial significance of Mesh acquiring unicorn status, demonstrates that even during a relatively depressed spot market, investors are pouring capital into infrastructure that can help fulfill the promise of cryptocurrencies as a tool to improve the functioning of global finance.
Mesh said it aims to connect the fragmented world of crypto payments while avoiding the slow settlements and higher fees found in traditional finance (TradFi). It does this by being asset agnostic, allowing consumers to make payments using any asset they own and merchants to receive instant settlement in their preferred stablecoin.
“Fragmentation creates real friction in the customer payment experience,” Bam Azizi, co-founder and CEO of Mesh, said in the statement. “We are focused on building the infrastructure needed now to connect wallets, chains and assets, allowing them to function as a unified network.”
Mesh said some of the funding was settled using stablecoins to demonstrate that its infrastructure is “ready for big bets and real-world use.”
