In Brief:
- Moonpay closed the first series A funding round at $555 million at a total valuation of $3.4 billion.
- The funding round led by Tiger Global, Coatue, Blossom capital, and many others.
- The fund will be used in talent acquisition and expansion of its services in the world.
Among the expansion of the crypto space, the cryptocurrency fintech startup, Moonpay has closed its first series-A venture capital funding round and raised $555 million, with a total valuation of $3.4 billion.
As per Monday’s announcement, The funding round was led by famous investors like American Investing Firm Tiger Global and tech-oriented investment manager Coatue. In this funding round, other firms such as Blossom Capital, Thrive Capital, Paradigm, and the New Enterprise Associates venture capital firm were also included.
The company is planning to spend this fund for talent acquisition as well as grow its platform worldwide.MoonPay co-founder and CEO Soto-Wright stated that the firm is aiming to grow itself as the world’s “largest provider of crypto payments infrastructure.”
Young Entrepreneurs, Ivan Soto-Wright and Victor Faramond have started Moonpay In 2019 and this was the first funding round since then. At the time of writing, the company flowed more than $2 billion in transactions and holds a 7 million strong customer base.
Moonpay provides crypto exchange services and payment infrastructure for crypto and allows users to make crypto-to-fiat transactions for 30 fiat currencies and more than 90 cryptocurrencies including Bitcoin and Ethereum too.
Moonpay’s Crypto-to-fiat projects open a way for 250 applications, websites, and wallets. Among this list, the famous and first crypto website, Bitcoin.org also included, which is accessible in more than 160 countries.
The Company also provides different services rather than crypto such as nonfungible token (NFT) solution, which allows users to buy and sell NFTs. NFTs are generally digital art, created by digital creators and it’s ownership records on Blockchain. Currently, NFT collections are in the hype and many famous NFTs are selling for a high price.
Recently, many crypto startups and firms are getting an important fund from investors to grow crypto space and expand their reach through worldwide service. World’s largest crypto exchange, Binance’s CEO revealed that he would close its pre-IPO funding round in the next two months.
