Crypto Start-Up MoonPay Hits $3.4 Billion Valuation

Twitter icon   • 2 minute read  •  Published 1 week ago  •  Mark Weaden

MoonPay raises $555 million in first-round of financing with its unique cryptocurrency payment system

MoonPay raises $555 million in first-round of financing with its unique cryptocurrency payment system

Fintech firm MoonPay went public with its latest round of investments at the start of the week, claiming it raised $555 million in its first round of financing. The unique payment system allows users to buy cryptocurrencies using conventional payment methods such as credit cards and phone payment systems Apple and Google Pay.

The investment company Tiger Global and Coatue values the company at $3.4 billion. With cryptocurrency adoption moving towards the mainstream, the potential for the company is astronomical, which hasn’t gone unnoticed by investors. 

MoonPay offers something unique

The first round of funding was a resounding success, with big names like the Winklevoss twins and Joseph Lubin showing their hand and backing MoonPay. The company has been around just three years but is gaining a lot of traction from investors. 

The Miami-based MoonPay features distinct software that gives users the ability to buy and sell cryptocurrencies using conventional payment systems like bank transfers, credit cards, and mobile e-wallets. The aim is to make crypto accessible to the masses, which is well underway already striking deals with Bitcoin.com and OpenSea making it easier to connect to the biggest crypto products and services.

Cryptocurrency offers frictionless payment, but with little payment infrastructure in place, MoonPay bridges the gap between existing payment systems and digital currencies. Given that Bitcoin and crypto market prices are as high as they’ve ever been, MoonPay looks particularly appealing to investors. 

CEO Ivan Soto-Wright recently said that “People are calling us similar to PayPal, but for crypto.” MoonPay is on track to hit its $150 million annual revenue, with more than 7 million customers currently registered.

MoonPay eyes an IPO

Cryptocurrencies exchange MoonPay managed to push its IPO this year, which is similar to the vision of Soto-Wright and his payment system. The aim is to use the current round of investment to fund new products, expand the business and create more MoonPay careers.

Soto-Wright also mentioned that the long-term goal is to go public “We have aspirations eventually to be a public company,” he said. The volatility of cryptocurrencies means there is always an element of doubt from investors, but with the year-on-year increase of all major currencies soaring, it’s something they’re beginning to look beyond. 

Author

Mark Weaden

Mark Weaden is a British researcher and crypto enthusiast, living in Barcelona. His work has been published on a variety of leading cryptocurrency sites.

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