Cryptocurrency payments network Mesh acquired unicorn status with a $75 million Series C funding round that valued it at $1 billion.

The round was led by Dragonfly Capital and included participation from Paradigm, Moderne Ventures, Coinbase Ventures, SBI Investment and Liberty City Ventures, Mesh said on Tuesday.

The fundraise, coupled with the ceremonial significance of Mesh acquiring unicorn status, demonstrates that even during a relatively depressed spot market, investors are ploughing capital into infrastructure that can help fulfil crypto's promise as a tool for improving how global finance operates.

Mesh said its aim is to connect the fragmented world of crypto payments while bypassing the slow settlements and higher fees found in traditional finance (TradFi). It does this by being asset agnostic, allowing consumers to make payments using any asset they hold and merchants to receive instant settlement in their preferred stablecoin.

"Fragmentation creates real friction in the customer payment experience," Bam Azizi, Mesh's co-founder and CEO, said in the statement. "We are focused on building the necessary infrastructure now to connect wallets, chains, and assets, allowing them to function as a unified network."

Mesh said part of the funding was settled using stablecoins to demonstrate that is infrastructure is "ready for high stakes, real-world use."