Binance leads Mesh's $2B round, doubling its valuation in six months, per Axios. The round shows growing investment in crypto payment infrastructure.
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Binance is moving to lead a funding round for Mesh, a crypto payments and settlement infrastructure provider, at a valuation of up to $2 billion, Axios reported on Wednesday. People familiar with the matter told Axios the round could value the company at roughly $2 billion. Neither Binance nor Mesh has commented publicly.
The round would mark a sharp jump from Mesh's $1 billion valuation in January, when it closed a $75 million Series C led by Dragonfly Capital. Paradigm, Coinbase Ventures, Moderne Ventures, SBI Investment, and Liberty City Ventures also participated. A $2 billion valuation would double that figure in about six months.
Mesh, formerly Front Finance, builds infrastructure that links crypto wallets with exchanges and fiat payment rails. The company solves a common problem: a user holds one digital asset but a merchant wants payment in a different asset or in dollars. Mesh handles the conversion and settlement between them without the merchant needing to handle the user's native asset.
Stablecoin adoption and tokenization initiatives are drawing capital into payment settlement infrastructure. Stablecoin supply has grown past $200 billion, driving demand for conversion and settlement tools. Circle recently launched regulated stablecoin settlement from Luxembourg, supporting USDC, USDG, and its EURI token for enterprise conversions. A group of U.S. banks is working through the Clearing House on a tokenized deposit system expected to roll out in early 2027. Both developments show the institutional push toward on-chain settlement.
Mesh focuses on moving value between wallets and payment networks – a segment drawing institutional capital because it sits between the growing stablecoin supply and the need for final settlement. The company has already built integrations with platforms like Italian wallet provider Conio, letting users access multiple exchanges through its network.
Binance is leading the round, per Axios. The exchange would join a growing list of investors backing payments infrastructure as stablecoin adoption accelerates. Mesh's reported valuation, if confirmed, would place the company at the center of the stablecoin and tokenization market.
The timeline for the round's completion is not yet public.
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