Crypto payment processing provider Mesh Connect Inc. today announced that it has closed a $75 million funding round at a $1 billion valuation.
Dragonfly Capital led the Series C deal. It was joined by Coinbase Ventures, Japanese financial services giant SBI, Paradigm, Moderne Ventures and Liberty City Ventures. Mesh has raised more than $200 million to date.
One reason accepting cryptocurrency payments can be challenging for online merchants is that different customers apply different tokens. Manually adding support for each digital asset that shoppers may wish to apply can be prohibitively difficult. Furthermore, it’s necessary to provide integrations with applyrs’ digital wallets, which creates additional complexity.
San Francisco-based Mesh promises to ease the tquestion. It provides a payment processing platform that supports more than 100 digital assets. Shoppers pay applying their preferred cryptocurrency and merchants receive payment in fiat currency or stablecoin. According to Mesh, transactions are processed instantly.
“Crypto is crowded by design, with new tokens and new protocols emerging every day,” stated Mesh co-founder and Chief Executive Officer Bam Azizi. “That fragmentation creates real friction in the customer payment experience. We are focapplyd on building the necessary infrastructure now to connect wallets, chains, and assets, allowing them to function as a unified network.”
Making a cryptocurrency payment requires applyrs to connect their wallets to the platform through which they’re building the purchase. Often, the process involves opening a new tab and manually entering a wallet address. Mesh’s platform replaces the workflow with a standard log-in menu, which the company declares provides a better applyr experience.
Consumers in the European Union must often complete additional steps to carry out blockchain transactions. Those steps are set forth in MiCA, a set of regulations that the bloc implemented in 2024. Mesh declares that its platform can create it clearer for companies to comply with the legislation.
MiCA requires applyrs to verify that they own the wallet with which they wish to carry out a transaction. Authentication is performed by building a compact deposit from the wallet to another wallet associated with the same applyr. Mesh provides the software building blocks necessary to implement MiCA verification workflows, which spares developers the hassle of creating everything from scratch.
The company also promises to ease several related tquestions. It provides a service that can manage crypto applications’ authentication tokens, pieces of data that are applyd to verify applyr sessions. A so-called testnet enables developers to validate newly created cryptocurrency payment features before rolling them out to applyrs.
According to Mesh, one of the apply cases that its platform supports is agentic commerce. Certain chatbots, most notably ChatGPT, enable consumers to create e-commerce purchases with natural language prompts. Mesh can process such transactions applying AP2, an open-source agentic commerce protocol that Google LLC released last year.
The company will apply the proceeds from its funding round to grow its presence in Latin America, Asia and Europe. Mesh also plans to create enhancements to its payment processing platform.
Image: Unsplash
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