PayPal-backed startup Mesh collaborates with Paribu in Turkey expansion

Fintech startup Mesh has partnered with Turkey’s crypto exchange Paribu to enhance user access to seamless payments across the web3 ecosystem.

Mesh, a U.S. fintech startup backed by PayPal Ventures, has joined forces with centralized cryptocurrency exchange Paribu, aiming to enhance user experience in Turkey‘s burgeoning crypto market.

According to an Oct. 1 press release, the partnership designates Paribu as Mesh’s sole official exchange partner in the region, allowing its users to access Mesh’s connectivity layer with hundreds of platforms, including self-custodial wallets like MetaMask.

According to the Chainalysis 2024 Global Crypto Adoption Index, Turkey ranks 11th globally in cryptocurrency adoption, underscoring the country’s importance in the international crypto market. Mesh says the partnership allows Paribu users to access their accounts directly from other platforms, enabling them to focus on “their financial goals rather than having to worry about long crypto addresses, QR codes, and seed phrases.”

Mesh CEO and co-founder Bam Azizi described the collaboration as “key to shaping the future of crypto adoption in the country.”

Turkey pauses crypto tax

The partnership emerges at a time when Turkey’s Vice President Cevdet Yilmaz confirmed that the government will not impose a tax on profits from cryptocurrency or stock trading this year.

The decision follows earlier considerations for such a tax, which were postponed in June after a decline in the Turkish stock market. Instead, the government is now focused on refining existing tax regulations and narrowing tax exemptions, signaling a more favorable regulatory environment for the cryptocurrency sector.

Yasin Oral, founder of Paribu, noted the partnership’s importance in enhancing the interconnectedness of the global cryptocurrency ecosystem, stating that the collaboration bridges the gap in “embedded finance” with over 300 key players in the web3 space.

Founded in 2020 by Bam Azizi and Adam Israel, Mesh secured $22 million in a Series A funding round in September 2023. That capital infusion, led by Money Forward and supported by other investors including Galaxy and Samsung Next. Subsequently, the startup also secured funding from PayPal Ventures in the form of PayPal’s PYUSD stablecoin.