- MoonPay, a fintech company, announced Monday that it had raised $555 million in its first round of funding.
- Tiger Global and Coatue lead the investment, which values the company at $3.4 billion.
- MoonPay enables users to purchase cryptocurrency with traditional payment methods such as credit cards.
This year, cryptocurrency start-ups have raised a record amount of money. It’s no surprise, then, that some of the industry’s biggest names — from the Winklevoss twins’ virtual currency exchange Gemini to Ethereum co-founder Joseph Lubin’s blockchain start-up ConsenSys — have recently announced massive new funding deals.
MoonPay, a relative newcomer, is bringing the crypto craze to new heights in venture finance.
The three-year-old fintech company said on Monday that it has raised $555 million in its first round of funding.
Tiger Global and Coatue lead the investment, which values the company at $3.4 billion.
In a series of Tweets, MoonPay Thanked and greeted each and everyone who lended a helping hand in the funding.
MoonPay’s software, which was founded in 2018, allows users to buy and sell cryptocurrencies using traditional payment methods such as credit cards, bank transfers, or mobile wallets such as Apple Pay and Google Pay.
It also sells its technology to other businesses including crypto website Bitcoin.com and non-fungible token (NFT) marketplace OpenSea, a model CEO Ivan Soto-Wright calls “crypto-as-a-service.”
Soto-Wright said the firm aims to make crypto accessible to the masses in the same way that video-conferencing tools like Zoom made it easier to make calls over the internet.
A GATEWAY TO DIGITAL ASSETS
MoonPay promotes itself to investors as a “gateway” to digital assets. This includes bitcoin, ether, and other digital tokens such as NFTs for the time being.
But, according to Soto-Wright, the platform will be expanded to encompass anything from digital fashion to tokenized stocks.
According to Soto-Wright, the corporation has rigorous controls and checks in place to combat money laundering. Market regulators have been increasingly suspicious of illegal conduct.
MoonPay claims to have been profitable since its platform launched in 2019. After a 35-fold increase in transaction volumes from 2020, the firm is on target to surpass $150 million in yearly revenue this year.
More than 7 million people have signed up for its service.
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