coincodex.com
Key highlights:
- MoonPay has raised $555 million at a valuation of $3.4 billion
- MoonPay allows users to buy cryptocurrencies and NFTs through mainstream payment methods
- The company plans to use the funding to expand its recruiting, as well as mergers and acquisitions
MoonPay raises $555 million as investment frenzy into crypto companies continues
Cryptocurrency-focused fintech startup MoonPay has raised a $555 million Series A investment round at a valuation of $3.4 billion. The round was led by Tiger Global management and Coatue, and also included other Blossom Capital, Thrive Capital, Paradigm and NEA.
MoonPay’s primary service is giving users the ability to buy cryptocurrency using mainstream payment methods including credit cards, bank transfers and mobile services such as Apple Pay and Google Pay. The platform is also riding the NFT boom, as it offers an NFT checkout product that platforms can integrate to give users a convenient way of purchasing NFTs.
OpenSea boasts integrations with leading cryptocurrency platforms like crypto exchange Binance and NFT marketplace OpenSea, and accepts customers from over 160 countries. According to Moonpay, its platform has handled more than $2 billion worth of transactions, and has 7 million users.
MoonPay says that it has been profitable since it launched in 2019, and the company is expected to bring in over $150 million in net revenue in 2021.
Here’s what MoonPay CEO Ivan Soto-Wright had to say about the $555 million investment round:
“MoonPay is the world’s largest provider of crypto payments infrastructure that enables any organization to bridge traditional finance and crypto. We set out to democratize access to the crypto economy by providing the tools for businesses to onboard new users with magical product experiences.”
According to a report from The Block, MoonPay is looking to leverage the fresh funding for both mergers and acquisitions and bolstering its recruiting efforts. The company is also planning to strengthen its security even further, and offer more payment methods in the Latin America and Asia regions.
The current cryptocurrency bull run has contributed to massive investment rounds raised by companies in the cryptocurrency and blockchain space. In November alone, ConsenSys has raised $200 million at a valuation of $3.2 billion, and Gemini raised $400 million at a valuation of $7.1 billion.