PayPal-backed startup Mesh collaborates with Paribu in Turkey expansion

Fintech startup Mesh has partnered with Turkey’s crypto exchange Paribu to improve users’ access to seamless payments in the web3 ecosystem.

Mesh, a US fintech startup backed by PayPal Ventures, has joined forces with central cryptocurrency exchange Paribu to improve user experience in Turkey’s developing crypto market.

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

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

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

Türkiye pauses crypto tax

The partnership comes as Turkish Vice President Cevdet Yılmaz confirmed that the government will not impose taxes on profits from cryptocurrency or stock trading this year.

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

Yasin Oral, founder of Paribu, noted the importance of the partnership in increasing the interconnectedness of the global cryptocurrency ecosystem, stating that the collaboration closes the gap in “embedded finance” with more than 300 key players in the web3 space.

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