Launched in 2019, MoonPay says it has processed more than $2 billion in transactions and hit 7 million users so far.
Cryptocurrency fintech startup MoonPay has closed its first-ever
venture capital round, reaching $3.4 billion in post-money valuation.
The firm announced
officially on Monday that it closed a $555 million Series A funding
round led by prominent industry investors like American investment firm
Tiger Global and tech-focused investment manager Coatue. Other
participants included Blossom Capital, Thrive Capital, Paradigm and the
New Enterprise Associates venture capital firm.
The raised capital
is the first funding secured by MoonPay since the company was founded
in 2019 by two young entrepreneurs, Ivan Soto-Wright and Victor
Faramond. The firm says it has processed more than $2 billion in
transactions and reached a customer base of over 7 million users.
The
fintech firm is focused on providing payments infrastructure for crypto
and enabling crypto-to-fiat transactions for 30 fiat currencies and
more than 90 cryptocurrencies like Bitcoin (BTC).
According to the announcement, MoonPay’s fiat-to-crypto on-ramp enables
over 250 crypto applications, websites and wallets, including
Bitcoin.com, covering more than 160 countries.
Apart from offering
classic crypto services, MoonPay also provides a native nonfungible
token (NFT) solution that allows users to buy and sell NFTs. Last week,
rapper Post Malone promoted MoonPay in a music video with The Weeknd by
buying two Bored Ape Yacht Club NFTs for a combined 160 ETH via the exchange.
With
the new funding, the firm expects to continue hiring new talent and
expand its services worldwide. According to MoonPay co-founder and CEO
Soto-Wright, the firm is positioning itself as the world’s “largest
provider of crypto payments infrastructure.”
MoonPay did not immediately respond to Cointelegraph’s request for comment.
source link : https://cointelegraph.com/news/crypto-startup-moonpay-raises-555m-to-hit-3-4b-valuation
