MoonPay, a fintech company focused on establishing crypto payment infrastructure, is projected to be valued at $3.4B. After raising its first round of venture capital investment.
Tiger Global Management and Coatue Management are leading the $400 million VC investment round for the crypto payments firm. MoonPay qualifies users to buy and sell cryptocurrencies and digital assets using traditional payment methods. Such as debit and credit cards, as well as local bank transfers.
No formal confirmation of the financing came to life. Nevertheless, The Information reports that “two persons acquainted with the issue” have confirmed the news. MoonPay, if verified, will be part of a limited group of crypto-related businesses. That will attain unicorn status in the next three years.
Blockchain industry has grown by 121% in the past five years
Previously, Tiger Global and Coatue Management collaborated to invest a number of mid-sized blockchains, decentralised finance (DeFi), and cryptocurrency businesses. CertiK, a blockchain security company, received a $24 million investment from them.
Furthermore, according to the Global Startup Ecosystem Report 2021, the blockchain industry has grown by 121% in the previous five years, making it the second-fastest-growing sub-sector in terms of early-stage investment behind advanced manufacturing and robotics.
Furthermore, crypto companies received more investment in the first quarter of 2021 than they did in the entire year of 2020. “Nothing is more appealing than peer pressure from the likes of Michael Saylor, Elon Musk, and the flood of institutional money pouring into the sector,” said Jehan Chu, founder of Hong Kong-based VC investment company Kenetic. VCs must take a stance or have an opinion on cryptocurrency, or they risk losing out on the largest market opportunity in a generation”.