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Crypto payments infrastructure service provider, MoonPay has announced the successful completion of its first-ever venture capital funding round where it raised the sum of $555 million.
As announced by the firm, the funding round is the largest Series A for any crypto startup of its age and brings its valuation to $3.4 billion. MoonPay revealed that the funding round was led by Tiger Global Management and Coatue, with participation from Blossom Capital, Thrive Capital, Paradigm, and NEA. The company said it will inject the capital into its global expansion drives and hire world-class talents. Through the funding round and the leverage to build on its existing infrastructures, MoonPay says it is looking to onboard the next 1 billion users into the digital currency ecosystem.
“MoonPay is the world’s largest provider of crypto payments infrastructure that enables any organization to bridge traditional finance and crypto,” said MoonPay co-founder and CEO Ivan Soto-Wright. “We set out to democratize access to the crypto economy by providing the tools for businesses to onboard new users with magical product experiences. We are on a mission to help billions of people access trillions of dollars of digital value over the next decade and beyond.”
MoonPay creates a convenient way for users to make crypto purchases across various markets. Besides the hiring of new talents, MoonPay is also looking forward to mergers and acquisitions which it noted can help fast-track its plans to onboard more users into the space.
“There are companies that can help us move faster in certain geographies or help improve certain components of the infrastructure stack,” Soto-Wright said. “We want to bring a billion people into the crypto economy by 2030. We can do that faster by partnering with other companies.”
MoonPay Funding: a Testament of Growing Interest in Crypto Firms
The funding round was first made known by the startup in October as reported by Coinspeaker at the time. The initial projection was to raise $400 million, and the massive subscription Showcases the positioning of the company in the fast-growing digital currency ecosystem. The company’s backers saw these potentials and it was instrumental in shaping their interest to bankroll the firm.
“We are excited about the opportunity in crypto, but one of the challenges to mainstream adoption is offering the same seamless experience that users have come to expect from modern internet products,” said Kris Fredrickson, managing partner at Coatue. “MoonPay has impressed us with its product, infrastructure, and execution. We think that the crypto economy today is growing faster than the internet was at a similar stage of its development and that MoonPay is well-positioned to serve crypto-native innovators and those in traditional finance.”
Banking on its capital injection, MoonPay is looking forward to bolstering its current growth pace in the coming financial year.