Home News MoonPay raised $555M at a valuation of $3.4B

MoonPay raised $555M at a valuation of $3.4B

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The provider of the crypto-payment infrastructure MoonPay has closed a Series A funding round in the amount of $555 million. Tiger Global Management and Coatue led the round.

Thrive Capital, Blossom Capital, Paradigm and NEA also participated in the round. According to its results, the startup, which has been operating for two and a half years, reached a valuation of $3.4 billion.

Thus, the MoonPay team will direct the attracted financing to the global expansion of the business and increase the number of staff.

More than $2 billion worth of transactions

According to the statement, the startup’s infrastructure provides an entry point to the cryptocurrency market; allowing it to operate with fiat money and digital assets; “using all major payment methods” in compliance with Know Your Customer (KYC) procedures.

The MoonPay platform supports more than 30 fiat currencies and over 90 digital assets. BTC, ETH, LINK, XLM, USDT, USDC and others are among them. The company has about 250 partners in 160 countries. Moreover, the customer base is at least 7 million users.

Since 2019, MoonPay has processed more than $2 billion worth of transactions. Over the past year, the indicator has demonstrated a 35-fold increase, the company stressed.

Hoping to have a billion individuals participating in the crypto economy

MoonPay’s co-founder and CEO, Ivan Soto-Wright, said that by 2030, they hope to have a billion individuals participating in the crypto economy. “We can do that faster by partnering with other companies,” he added.

Recall that earlier in October, the media reported that the startup had reached the $400 million mark of attracted venture financing. 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.

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