Crypto startup MoonPay raises $555M to hit $3.4B valuation

Cryptocurrency fintech startup MoonPay has closed its first-ever venture capital round, reaching $3.4 billion in post-money valuation.

The firm announced officially on Monday that it closed 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.

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 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). According to the announcement, MoonPays 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.

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 worlds “largest provider of crypto payments infrastructure.”

MoonPay did not immediately respond to Cointelegraphs request for comment.

Source: Cointelegraph