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, coupled with the ceremonial significance of Mesh acquiring unicorn status, demonstrates that even in a relatively depressed spot market, investors are investing capital in infrastructure that can help fulfill crypto’s promise as a tool to improve the functioning of global finance.
Mesh said its goal was to connect the fragmented world of crypto payments while bypassing the slow settlements and higher fees of traditional finance (TradFi). It does this by being asset agnostic, allowing consumers to make payments using any asset they hold and merchants to receive instant settlement in their favorite stablecoin.
“Fragmentation creates real friction in the customer payment experience,” Bam Azizi, co-founder and CEO of Mesh, said in the release. “We are now focused on building the infrastructure needed to connect wallets, chains and assets, allowing them to operate as a unified network.”
Mesh said part of the funding was settled using stablecoins to demonstrate that the infrastructure was “ready for high-stakes real-world use.”
