Binance in talks to lead Mesh round at up to $2B valuation, Axios reports, doubling the crypto payments firm's value six months after a $1B Series C.
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Binance is in talks to lead a new funding round for crypto payments firm Mesh at a valuation of up to $2 billion, Axios reported Wednesday, citing people familiar with the matter.
The round would double Mesh's valuation from its January Series C, when it raised $75 million at a $1 billion cap. That round was led by Dragonfly Capital, with participation from Paradigm, Coinbase Ventures, and SBI Investment, among others.
Mesh builds payment infrastructure that connects wallets, exchanges, digital assets and fiat rails. Its system lets users pay with one asset while merchants receive settlement in another – either stablecoins or fiat – without handling blockchain complexity on the back end. The company was originally called Front Finance.
The timing lines up with a broader push into stablecoin and tokenized settlement infrastructure. Banking Circle launched regulated stablecoin settlement services in March after receiving Luxembourg approval, supporting USDC, USDG and its own EURI stablecoin for institutional fiat-to-crypto conversion. Major U.S. banks are also backing a tokenized deposit network through the Clearing House, targeting a 2027 launch.
Mesh already has distribution deals in Europe. The company partnered with Italy's Conio in 2024, giving that wallet's users access to exchange connectivity and withdrawal options through Mesh's layer.
A Binance-led round would embed the exchange deeper in payment infrastructure at a moment when stablecoin rules are taking shape and tokenization is moving toward regulated banking channels. The deal has not been formally announced by either party.
The reported valuation also reflects a shift in crypto funding flows. Investors have moved beyond trading apps and tokens toward the rails that move money between digital and traditional systems. If the round closes near $2 billion, Mesh will have doubled its valuation in roughly six months.
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