$555 Million Reportedly Raised by MoonPay, Hitting an All-time High Valuation
As per the latest reports, MoonPay, a cryptocurrency fintech startup has made an announcement in regards to a funding round. MoonPay has announced that it has successfully carried out a capital funding round. As a result of the funding round, it has reached its all-time high valuation.
The firm has revealed that from the particular funding round, it has generated funds worth $555 million. By the conclusion of the funding round, the post-money valuation of the company has reached $3.4 billion.
The announcement in regards to the conclusion of the funding round was made by MoonPay on Monday, November 22, 2021. The firm has announced that it was a Series A funding round that has helped it generate such a large amount of funds.
The MoonPay officials revealed that they are honored to share that it was Coatue and Tiger Global that led the funding round. Coatue is an investment manager that focuses on technology. On the other hand, Tiger Global is a major investment firm from the United States.
Other investment firms from the United States also participated in the particular funding round. These firms include Paradigm, Thrive Capital, and Blossom Capital. A major venture capital (VC) firm “New Enterprise Associates” also participates in the particular funding round.
MoonPay has been operating within the cryptocurrency industry since 2019. It was founded by Victor Faramond and Ivan Soto-Wright, who were two young entrepreneurs. It is the first-ever funding round held by the fintech firm since it was founded.
In the announcement, the firm also shared and boasted about its other achievements. The firm revealed that it has reached a user base of more than 7 million users. In addition to that, it has also processed over $2 billion worth of transactions for the users.
The primary services provided by MoonPay include a payments infrastructure that it has introduced for cryptocurrencies. Through the infrastructure, the users are able to process cryptocurrency to fiat transactions.
MoonPay currently supports over 90 cryptocurrencies such as Ethereum, Binance Coin, Ethereum, and more. Moreover, the firm provides support for more than 30 fiat currencies.
According to MoonPay, its service is currently available on more than 250 applications that support cryptocurrencies. The service is also available on different wallets, websites, as well as Bitcoin.com. Users from over 160 countries have access to the services provided by MoonPay.
In addition to providing crypto-to-fiat services, MoonPay has also advanced into the non-fungible token (NFT) sector. Through MoonPay, the users of the platform are able to gain access to NFT marketplaces. They can purchase and sell non-fungible tokens through the platform provided by MoonPay. The platform has gained worldwide recognition and its name has also been featured by rappers such as Post Malone in their music videos.