MoonPay, the cryptocurrency fintech startup, has raised 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.
It has been reported that MoonPay raised its first-ever venture capital round, reaching $3.4 billion in post-money valuation.
However, 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 report said that 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).
Likewise, 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.
Thus, 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.”