Breaking: MoonPay just Hit $3.4B Valuation, Here’s What Happened

In line with an earlier report by The Information, Crypto payments provider MoonPay has just announced today, a $555 million Series A funding round that was led by Tiger Global and Coatue. The funding round which saw venture capital (VC) firms like Thrive Capital, Blossom Capital, NEA, and Paradigm participating in the equuty-only round, brings the post-money valuation of MoonPay to $3.4 billion. Interestingly, the company is only two and a half years old.

MoonPay CEO Shares What The Company Aims To Achieve With The Funding

Ever since its inception in 2019, MoonPay has been offering a range of products that allow users to trade their cryptocurrencies like Bitcoin and Ethereum. The platform also supports a wide range of payment methods including bank transfers, Apple Pay, Samsung Pay, Google Pay, as well as debit and credit cards.

Speaking about the funding, CEO and co-founder of MoonPay, Ivan Soto-Wright says that the company’s main aim is to “democratize the crypto ecosystem”. According to the CEO, the firm hopes to achieve this, simply by creating a foundation that helps global entrepreneurs to fastens their time to market from 12 months and above, to just a matter of few weeks.

Soto-Wright also shared his firm belief that in the next ten years, MoonPay will help create digital values up to trillions of dollars in worth, admitting that the work is far from being done.

What To Do With The Funds

So far, the company has processed more than $2 billion in transactions till date. It has also established over 250 collaborations across no fewer than 160 countries, reaching seven million customers in the process.

However, MoonPay plans to use the funds raised to widen its reach around the world and to develop plans to tap into the massively growing NFT market.

Speaking about the non-fungible tokens (NFTs), MoonPay is seriously targeting the market in addition to the cryptocurrency conversion that it presently does.

A particularly notable collaboration in that regard is OpenSea, the world’s largest marketplace for NFTs. OpenSea has processed nearly $10.5 billion in transaction volume since August.

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Mayowa Adebajo

Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

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