Binance is reportedly planning to lead a new funding round for Mesh, a crypto payments and settlement company, at a valuation of up to $2 billion, according to Axios, citing people familiar with the matter. The round has not yet been formally announced by either party. If completed at the reported valuation, it would mark a sharp increase from Mesh’s $1 billion valuation in January, when it raised $75 million in a Series C round led by Dragonfly Capital with participation from Paradigm, Moderne Ventures, Coinbase Ventures, SBI Investment, and Liberty City Ventures.
Mesh, formerly known as Front Finance, builds infrastructure connecting wallets, exchanges, digital assets, and fiat rails, aiming to simplify crypto payments and settlements. Its model addresses a core friction: users often hold one asset while merchants prefer to receive another, such as stablecoins or fiat. The company’s network handles the conversion and routing behind the scenes, making it a key layer in the growing stablecoin and tokenization ecosystem.
The reported Binance-led round reflects a broader market rotation toward payment infrastructure. With stablecoin regulations becoming clearer in the U.S. and Europe, demand for tools that bridge digital assets and traditional money has surged. Banking Circle recently launched regulated stablecoin settlement services, and major U.S. banks are backing a tokenized deposit network through the Clearing House for a potential early-2027 launch. Mesh sits at the center of this shift, and its valuation could double in roughly six months, underscoring intense investor appetite for payment rails over speculative trading apps.
For Binance, the investment aligns with its push beyond exchange trading into payments, compliance, and wallet connectivity. A stake in Mesh could let Binance capture value from payment flows even when users transact through third-party platforms, and it would strengthen its hand against rivals like Coinbase, which has been active in stablecoin payments via USDC and Base. Mesh had already raised over $200 million before this round, and the strategic involvement of Binance could bring not just capital but also liquidity, distribution, and exposure to a massive global user base.
The deal highlights that crypto funding is increasingly targeting infrastructure that can support everyday financial activity, remittances, merchant settlement, and tokenized assets. While risks remain in a competitive field that includes Visa, Mastercard, Circle, Tether, and Stripe, a Binance-led round at a $2 billion valuation would confirm that stablecoin and payment infrastructure has become one of the most valuable battlegrounds in the industry.
